Cardano (ADA) Price Analysis: Bulls Eyeing Upside Break Above $0.0650

Cardano (ADA) Price Analysis: Bulls Eyeing Upside Break Above <img width=.0650" data-lazy-srcset="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?w=1828&ssl=1 1828w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=300%2C142&ssl=1 300w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=768%2C365&ssl=1 768w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=1024%2C486&ssl=1 1024w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=720%2C342&ssl=1 720w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=560%2C266&ssl=1 560w" data-lazy-sizes="(max-width: 1828px) 100vw, 1828px" data-lazy-src="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?fit=1828%2C868&ssl=1&is-pending-load=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" />.0650"1828" height="868" src="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?fit=1828%2C868&ssl=1" class="attachment-full size-full wp-post-image jetpack-lazy-image" alt="" data-lazy-srcset="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?w=1828&ssl=1 1828w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=300%2C142&ssl=1 300w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=768%2C365&ssl=1 768w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=1024%2C486&ssl=1 1024w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=720%2C342&ssl=1 720w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=560%2C266&ssl=1 560w" data-lazy-sizes="(max-width: 1828px) 100vw, 1828px" data-lazy-src="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?fit=1828%2C868&ssl=1&is-pending-load=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" />.0650" data-lazy-srcset="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?w=1828&ssl=1 1828w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=300%2C142&ssl=1 300w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=768%2C365&ssl=1 768w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=1024%2C486&ssl=1 1024w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=720%2C342&ssl=1 720w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?resize=560%2C266&ssl=1 560w" data-lazy-sizes="(max-width: 1828px) 100vw, 1828px" data-lazy-src="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-4.png?fit=1828%2C868&ssl=1&is-pending-load=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" />


  • ADA price remained supported above $0.0520 and slowly recovered higher against the US Dollar.
  • The price is currently trading above $0.0580 and it seems to be preparing for the next break.
  • There is a major contracting triangle forming with resistance near $0.0620 on the 4-hours chart (data feed via Kraken).
  • The price could either surge above $0.0620 and $0.0650 or it might decline back towards $0.0520.

Cardano price is trading in a contracting range against the US Dollar and bitcoin. ADA price could start a strong upward move if there is a break above $0.0620 and $0.0650.

Cardano Price Analysis

After trading as low as $0.0505, cardano price started a decent recovery against the US Dollar. The ADA/USD pair formed a support base near the $0.0520 and $0.0540 levels. Moreover, there was a break above the $0.0550 and $0.0565 resistance levels. Finally, there was a break above the $0.0600 level and the 55 simple moving average (4-hours). The price spiked towards the $0.0640 level and a swing high was formed near $0.0638.

Recently, the price corrected lower below $0.0600 and traded as low as $0.0566. It is currently trading in a contracting range above $0.0580 and recently climbed above the 50% Fibonacci retracement level of the last slide from the $0.0638 high to $0.0566 low. However, it seems like the bulls are struggling to gain momentum above the $0.0610 and $0.0620 levels.

The 76.4% Fibonacci retracement level of the last slide from the $0.0638 high to $0.0566 low also acted as a resistance. More importantly, there is a major contracting triangle forming with resistance near $0.0620 on the 4-hours chart. If there is an upside break above the $0.0620 resistance, the next hurdle is near the $0.0650 level. If there is a clear break above $0.0650, the price could continue to rise towards $0.0700 and $0.0800.

Conversely, if there is a downside break below $0.0580, the price could resume its decline. An immediate support below $0.0580 is near $0.0565. If there are more losses, the price may perhaps revisit the $0.0540 support level.

Cardano (ADA) Price Analysis: Bulls Eyeing Upside Break Above <img class=.0650"alignnone size-large wp-image-55186 jetpack-lazy-image" src="https://i1.wp.com/www.livebitcoinnews.com/https://s3.amazonaws.com/lbn-s3/2019/07/Cardano-Price-4-1100x522.png?resize=1100%2C522&ssl=1" alt="Cardano Price Analysis ADA Chart" width="1100" height="522" data-recalc-dims="1" data-lazy-src="https://i1.wp.com/www.livebitcoinnews.com/https://s3.amazonaws.com/lbn-s3/2019/07/Cardano-Price-4-1100x522.png?resize=1100%2C522&is-pending-load=1#038;ssl=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7">.0650" width="1100" height="522" data-recalc-dims="1" data-lazy-src="https://i1.wp.com/www.livebitcoinnews.com/https://s3.amazonaws.com/lbn-s3/2019/07/Cardano-Price-4-1100x522.png?resize=1100%2C522&is-pending-load=1#038;ssl=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7">

The chart indicates that ADA price is trading with a minor bullish angle above $0.0580 and is preparing for the next major break. If the bulls succeed in gaining traction above $0.0620 and $0.0650, there could be sharp gains in the near term. If not, the price could decline back towards $0.0540 or even $0.0510.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is currently losing momentum in the bullish zone.

4 hours RSI – The RSI for ADA/USD is currently above the 50 level, with a flat structure

Key Support Levels – $0.0580 and $0.0540.

Key Resistance Levels – $0.0620 and $0.0650.

The post Cardano (ADA) Price Analysis: Bulls Eyeing Upside Break Above $0.0650 appeared first on Live Bitcoin News.



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