Cardano price is showing positive signs above $0.300 against the US Dollar, similar to bitcoin. ADA price could extend its increase if it clears the $0.350 resistance.
Cardano Price Analysis
This week, cardano price started a steady increase above the $0.270 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.280 and $0.285 levels.
It even broke the $0.30 level and settled well above the 55 simple moving average (4-hours). It traded as high as $0.3453 and recently started a downside correction. There was a move below the $0.340 and $0.332 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $0.2391 swing low to $0.3453 high.
It is now trading above $0.30 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.302 on the 4-hours chart.
On the upside, an immediate resistance is near the $0.320 zone. A clear move above the $0.320 resistance might start a strong increase. The next major resistance is near the $0.350 level. A clear upside break above the $0.350 level might send the price towards the $0.38 resistance or even $0.40.
On the downside, an immediate support is near the $0.300 level and the trend line. The next major support is near the $0.292 level. It is near the 50% Fib retracement level of the upward move from the $0.2391 swing low to $0.3453 high.
A clear move below the $0.292 level might send the price towards the $0.270 level. Any more losses might send the price towards the $0.250 support.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.300 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.340 and $0.350 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 – $0.302 and $0.292.
Key Resistance Levels – $0.320 and $0.350.
Source: Read Full Article