• ADA price is attempting a fresh increase from the $0.5690 zone against the US Dollar.
• The price is now trading above $0.620 and the 55 simple moving average (4 hours).
• There is a connecting bullish trend line forming with support at $0.650 on the 4-hour chart (data feed via Coinbase).
• The price could gain bullish momentum if it clears the $0.690 and $0.700 levels.

Cardano price is holding the $0.620 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.690 resistance.

Cardano Price (ADA) Analysis

This past week, Cardano price started a fresh decline from well above the $0.750 zone against the US Dollar. The ADA/USD pair declined below the $0.720 and $0.700 support levels.

It tested the $0.5690 zone. A low was formed near $0.5690, and the price recently started a fresh increase. There was a move above the $0.600 and $0.615 resistance levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $0.8102 swing high to the $0.5690 low.

ADA price is now trading above $0.620 and the 55 simple moving average (4 hours). There is also a connecting bullish trend line forming with support at $0.650 on the 4-hour chart.

On the upside, immediate resistance is near the $0.690 zone. It is close to the 50% Fib retracement level of the downward move from the $0.8102 swing high to the $0.5690 low. The next major resistance is near the $0.700 level.

A clear move above the $0.700 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.750 resistance or even $0.7650 in the near term.

On the downside, immediate support is near the $0.650 level and the trend line. The next major support is near the $0.620 level. A clear move below the $0.620 level might send the price toward the $0.600 level. Any more losses might send the price toward the $0.5690 support, below which the bears could aim for a test of $0.550.

The chart indicates that ADA price is now trading above $0.620 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.690 and $0.700 levels.

Technical Indicators

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

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

Key Support Levels – $0.650 and $0.620.

Key Resistance Levels – $0.690 and $0.700.

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• Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-fresh-surge-likely-if-bulls-clear-0-69/