Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: Coin_Gabbar on September 06, 2022, 10:59:45 AM
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Cardano's price has risen above $0.50 against the US dollar, similar to bitcoin. If the ADA price breaks through the $0.51 resistance, it might gain bullish momentum.
According to price analysis, This week, the price of cardano started to rise above $0.450 against the US dollar. The ADA/USD pair was able to break through the resistance levels of $0.465 and $0.470.
During the increase, CARDANO price was able to break over the $0.480 resistance level as well as the 55 simple moving average. The price passed the 23.6% Fib retracement level of the fall from the $0.594 swing high to the $0.425 low.
It is currently trading above the $0.47 support level and the 55 simple moving average. On the 4-hours chart, a major bullish trend line is formed with support about $0.480.
On the upside, an immediate resistance is placed at $0.5150. The next key resistance is at $0.510. It is nearing the 50% Fib retracement level of the drop from the $0.594 swing high to the $0.425 low. The main hurdle is around $0.530.
A strong break above $0.530 might push the price towards the $0.600 barrier. On the downside, an immediate support level is at $0.49.
The next major support is at the $0.480 level and the trend line. The main support is presently approaching the $0.465 level. A clear break below the trend line and $0.465 might take the stock towards $0.450. Any more losses might push the price down to the $0.425 support level.
KEY LEVELS :
RESISTANCE LEVEL : $0.54-$0.58
SUPPORT LEVEL : $0.48-$0.46
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You are right!!!
Cardano's is approximately 0.5 USD on Binance and other popular crypto exchanges.
The price movement of Cardano is directly proportional to that of Bitcoin if critically observed as you have rightly said in your analysis.