Cardano (ADA) Price Analysis: Bulls Aim Fresh Increase To $0.40
Cardano price is showing positive signs above $0.320 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.350 resistance.
Cardano Price Analysis
This past week, cardano price started a steady increase from the $0.3200 zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.335 and $0.340 levels.
It even broke the $0.350 level and settled above the 55 simple moving average (4-hours). A high was formed near $0.3579 before there was a downside correction. The price traded as low as $0.3317 and is currently showing positive signs.
ADA price is now trading above $0.320 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.344 zone. It is near the 50% Fib retracement level of the downward move from the $0.3579 swing high to $0.33171 low.
The next major resistance is near the $0.350 level. There is also a key contracting triangle forming with resistance near $0.350 on the 4-hours chart. The triangle is close to the 61.8% Fib retracement level of the downward move from the $0.3579 swing high to $0.33171 low.
A clear move above the $0.350 resistance might start a strong increase. In the stated case, the price may perhaps rise towards the $0.368 resistance.
On the downside, an immediate support is near the $0.332 level. The next major support is near the $0.320 level. A clear move below the $0.320 level might send the price towards the $0.300 level. Any more losses might send the price towards the $0.280 support.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.320 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.350 and $0.368 levels.
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 – $0.320 and $0.300.
Key Resistance Levels – $0.350 and $0.368.
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