Cardano (ADA) Price Analysis: Rally Could Resume Above $0.45

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ADA prices rose above the $0.4200 zone against the US Dollar.
The price is now trading above the $0.400 and the 55 (4-hour) simple moving average.
There is a major bearish trend line forming with resistance near $0.4410 on the 4-hour chart (data feed via Coinbase).
The price could initiate a new advance if it breaks the $0.441 and $0.450 resistance levels.

The price of Cardano rose above $0.400 against the US Dollar, similar to Bitcoin. ADA price could continue its rally if there is a clear move above the $0.450 resistance.

Cardano Price Analysis

This week, Cardano prices started a steady advance above the $0.40 resistance zone against the US Dollar. The ADA/USD pair found pace to move above the $0.420 and $0.432 levels.

The price is testing the $0.460 zone. A high was formed near $0.4620 and prices are now correcting lower. There is a move below the $0.450 support zone. Price dipped below the 23.6% Fib retracement level of its advance from the swing low of $0.3892 to high of $0.4620.

However, the ADA price is now trading above $0.40 and the 55 (4-hour) simple moving average. On the upside, immediate resistance is near the $0.440 zone.

There is also a major bearish trend line forming with resistance near $0.4410 on the 4-hour chart. The next major resistance is near the $0.4500 zone. A clear move above the $0.4500 resistance might initiate a strong advance towards $0.480.

A further advance above the $0.480 resistance might send the price towards the $0.500 or even $0.520 resistance. On the downside, immediate support is near the $0.425 level.

The next major support point is near the $0.4170 level or the 61.8% Fib retracement of the advance from the $0.3892 swing low to a high of $0.4620. A clear move below the $0.417 level might send the price towards the $0.400 level. Another loss might send the price towards the $0.380 support.

Cardano (ADA) Price

The chart shows that the ADA price is now trading above $0.420 and the 55 (4-hour) simple moving average. Overall, the price could gain bullish momentum if it breaks the $0.441 and $0.450 resistance levels.