Cardano price analysis: ADA/USD set to break above intraday highs of $0.456

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Cardano price analysis shows that the market is in a bullish reversal pattern. The post-Cardano Price Analysis: ADA/USD Breaks Above $0.40, Eyes On $0.50 appeared first on Crypto Briefing. Cardano’s (ADA) price trades bullishly after breaking above the $0.40 level. The cryptocurrency is currently trading at $0.450, slightly below the intraday high of $0.455.

On the 4-hour chart, Cardano’s price is trading above the 50 and 100 simple moving averages (SMAs). The RSI has also recovered from oversold levels to trade at 58. Moreover, the MACD indicator has crossed into positive territory. Therefore, the ADA/USD pair will likely continue its upward move.

The next level of resistance is at $0.50. On the downside, support is at $0.40, which was tested twice this week. A break below this level could see Cardano’s price decline to $0.38.Cardano (ADA) price is trading in a bullish reversal pattern after breaking above the $0.40 level. The next level of resistance is at $0.50, while support is at $0.40.

Cardano price analysis: ADA targets a 50-day EMA at $0.46 on the daily chart

On the 24-hour candlestick chart, Cardano (ADA) has formed a bullish reversal pattern called an inverted hammer. The candlestick is typically seen as a bullish signal after a prolonged bearish trend. The ADA/USD pair is currently trading above the $0.44 level, the 50-day exponential moving average (EMA).

Cardano price analysis
Source: Tradingview

However, bulls are still facing some hurdles. The first one is the 100-day EMA, which is currently $0.455. A break above this level will see Cardano target the $0.50 level soon. On the downside, support is at $0.40. A break below this level could see Cardano’s price decline to the 200-day EMA at $0.38.

Cardano’s price is trading in a bullish reversal pattern after breaking above the $0.40 level. The ADA/USD pair is currently trading above the $0.44 level. The next level of resistance is at $0.50, while support is at $0.40.

Cardano price analysis: Conclusion

Cardano price analysis shows that the market is in a bullish reversal pattern. The ADA/USD pair is trading above the $0.44 level, which is the 50-day EMA. The next level of resistance is at $0.50, while support is at $0.40. Cardano’s price trades bullishly after breaking above the $0.40 level. The ADA/USD pair is currently trading at $0.450, slightly below the intraday high of $0.455.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.