Cardano (ADA) is attempting a fresh hike in the $0.4720 area. A close above the $0.5350 resistance could trigger a new rally for ADA.
- ADA price is rising above $0.500.
- The price is trading above $0.512 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the ADA/USD pair (Kraken data source), a breakout occurred above the main bearish trendline with resistance near $0.510.
- A clear move above $0.535 and $0.550 could push the pair higher.
Cardano price eye fresh hike
After forming a base above the $0.4720 level, Cardano started a new rally. ADA price could move beyond the $0.485 and $0.500 resistance levels and into positive territory like Bitcoin and Ethereum.
A breakout occurred above the main bearish trendline with resistance near $0.510 on the 4-hours chart of the ADA/USD pair. The bulls pushed the pair above the $0.520 resistance zone. However, the bears are currently active near the $0.535 resistance zone.
ADA price is currently trading at $0.512 and above the 100 simple moving average (4-hours). It is also above the 23.6% Fib retracement level from the recent swing low of $0.4718 to the high of $0.5354.
Source: ADAUSD on TradingView.com
On the positive side, immediate resistance is near the $0.535 area. The first resistance is near $0.545 and $0.550. The next major resistance could be at $0.565. If the price closes above the $0.565 resistance line, the price could begin a strong rally. If stated, the price may rise to the $0.600 region. Any more profits may require a move to $0.620.
Another decline in ADA?
If Cardano’s price fails to break above the $0.535 resistance level, a new decline could begin. Immediate support for the downside is near the $0.520 level.
The next major support is near the $0.5040 level or the 50% Fib retracement level of the recent increase from the $0.4718 swing low to the $0.5354 high. A break below the $0.5040 level could open the door to a test of $0.485. The next major support is near the $0.4720 level.
technical indicators
4-Hour MACD – The MACD for ADA/USD is losing momentum in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Key support levels – $0.520, $0.5040 and $0.4720.
Key resistance levels – $0.5350, $0.550, $0.600.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.