Cardano (ADA) Price Analysis: Bulls Aim Fresh Run To $0.40
Cardano price is rising above $0.3350 against the US Dollar, similar to bitcoin. ADA price could rally if there is a clear move above the $0.350 resistance.
Cardano Price Analysis
This week, cardano price started a steady increase above the $0.312 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.320 and $0.325 levels.
It even broke the $0.335 level and settled well above the 55 simple moving average (4-hours). There was a clear move above the 23.6% Fib retracement level of the downward move from the $0.4213 swing high to $0.3004 low.
The price is now trading above $0.320 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.350 zone. There is also a major bearish trend line forming with resistance near $0.3500 on the 4-hours chart.
The next major resistance is near the $0.3600 zone. It is near the 50% Fib retracement level of the downward move from the $0.4213 swing high to $0.3004 low.
A clear move above the $0.3600 resistance might start a strong increase towards $0.375. Any more gains above the $0.375 resistance might send the price towards the $0.400 resistance or even $0.420.
On the downside, an immediate support is near the $0.328 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 $0.305 level. Any more losses might send the price towards the $0.300 support.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.325 and the 55 simple moving average (4-hours). Overall, the price could resume its increase if it stays above the $0.328 and $0.320 support levels.
4 hours MACD – The MACD for ADA/USD is now losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $0.325 and $0.320.
Key Resistance Levels – $0.350 and $0.360.
Source: Read Full Article