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Cardano (ADA) Price Analysis: Correction Reaches Key Support

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  • ADA price started a downside correction from the $0.55 zone against the US Dollar.
  • The price is now trading below $0.50 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $0.4900 on the 4-hours chart (data feed via Bitfinex).
  • The price could start a fresh increase if it stays above the $0.450 support zone.

Cardano price is correcting lower below $0.500 against the US Dollar, similar to bitcoin. ADA price must stay above the $0.450 zone to avoid more downsides.

Cardano Price Analysis

This past week, cardano price started a decent increase above the $0.450 level against the US Dollar. The ADA/USD pair was able to clear the $0.480 and $0.500 resistance levels.

The pair even climbed above the $0.525 resistance and spiked above the $0.550 level. A high is formed near $0.5482 and the price is now correcting gains. There was a move below the $0.520 level. The price declined below the 50% Fib retracement level of the upward move from the $0.4026 swing low to $0.5482 high.

Besides, there was a break below a key bullish trend line with support near $0.4900 on the 4-hours chart. The price is now trading below $0.50 and the 55 simple moving average (4-hours).

On the downside, an immediate support is near the $0.460 level. It is near the 61.8% Fib retracement level of the upward move from the $0.4026 swing low to $0.5482 high. The next major support is near the $0.450 level, below which the price may perhaps decline heavily.

The main support could be $0.400.On the upside, an immediate resistance is near the $0.480 zone. The next major resistance is near the $0.500 level.

The main hurdle is near $0.520. A clear upside break above the $0.520 level might send the price towards the $0.55 resistance.  Any more gains could start a steady increase towards the $0.600 level in the near term.

Cardano Price

The chart indicates that ADA price is now trading below $0.50 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it stays above the $0.450 support zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining pace in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now below the 50 level.

Key Support Levels – $0.460 and $0.450.

Key Resistance Levels – $0.500 and $0.520.

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Original Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-correction-reaches-key-sup…

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.



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