Analysis of Cardano (ADA) Price: Bulls Targeting Consistent Growth

• Exciting news for ADA enthusiasts as the price makes a strong push from the $0.4050 zone against the US Dollar.
• Currently, the price is soaring above $0.500 and the 55 simple moving average (4 hours).
• Notably, a significant breakthrough occurred with the breach of a major bearish trend line at $0.500 on the 4-hour chart (data feed via Coinbase).
• If the price successfully surpasses the $0.5150 and $0.540 levels, bullish momentum could be on the horizon.

Good news for Cardano price as it remains steady at the $0.480 support against the US Dollar, similar to Bitcoin. ADA price might see a substantial uptrend upon crossing the $0.5150 resistance.

Insight into Cardano Price (ADA)

Following a recent downturn earlier this month, Cardano price experienced a drop from above the $0.60 mark against the US Dollar. The ADA/USD pair slipped below the $0.550 and $0.500 crucial support levels.

Testing the $0.400 zone, a low was established around $0.4051, prompting a fresh upward movement. Surpassing the $0.4650 and $0.480 resistance levels, the price even managed to break the 23.6% Fib retracement level from the $0.6241 peak to the $0.4051 low.

The breakthrough of the significant bearish trend line at $0.500 on the 4-hour chart saw ADA price reach above $0.500 and the 55 simple moving average (4 hours).

Looking ahead, immediate resistance lies around the $0.5150 mark or the 50% Fib retracement level from the downward swing high of $0.6241 to the low of $0.4051. The subsequent major obstacle is at the $0.540 level. A pronounced break above $0.540 could lead to a gradual ascent.

If the scenario unfolds as anticipated, the price may incline toward the $0.5750 resistance, possibly even reaching $0.600 soon. Conversely, initial support rests at the $0.500 level.

Following suit, the subsequent major support hovers close to the $0.480 level. A visible dip below $0.480 could steer the price toward the $0.420 level. Further downturns might direct the price towards the $0.4050 support, potentially setting the stage for a test of $0.3650.

The chart highlights ADA’s current trading position above $0.500 and the 55 simple moving average (4 hours). Optimistically, the price could witness an upsurge upon clearing the $0.5150 and $0.540 thresholds.

Technical Indicators

Tracking the 4-hour MACD, it is evident that the MACD for ADA/USD is now on a bullish trajectory.

Additionally, the 4-hour RSI reveals that it is currently above the 50 level for ADA/USD.

Key Support Levels – $0.500 and $0.480

Key Resistance Levels – $0.5150 and $0.540