- ADA price is still struggling to clear the $0.40 zone against the US Dollar.
- The price is now trading above $0.370 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.374 on the 4-hour chart (data feed via Coinbase).
- The price could start a fresh increase if it clears the $0.395 and $0.400 resistance levels.
Cardano’s price is rising above $0.350 against the US Dollar, like Bitcoin. ADA price could resume its rally if there is a clear move above the $0.400 resistance.
Cardano Price (ADA) Analysis
This past week, Cardano’s price started a steady increase above the $0.350 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.355 and $0.370 levels.
The price tested the $0.400 zone. The bulls made 2-3 attempts to clear the $0.400 hurdle, but they failed. The recent high was formed near $0.3996 and the price is now correcting lower. There was a move below the $0.388 support zone.
The price dipped below the 23.6% Fib retracement level of the upward move from the $0.3500 swing low to the $0.3996 high. ADA price is still trading above $0.370 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.374 on the 4-hour chart.
On the upside, immediate resistance is near the $0.395 zone. The next major resistance is near the $0.400 zone. A clear move above the $0.400 resistance might start a strong increase toward $0.420. Any more gains above the $0.420 resistance might send the price toward the $0.450 resistance or even $0.465.
On the downside, immediate support is near the $0.375 level or the 50% Fib retracement level of the upward move from the $0.3500 swing low to the $0.3996 high.
The next major support is near the $0.374 level or the trend line. A clear move below the $0.374 level might send the price toward the $0.350 level. Any more losses might send the price toward the $0.338 support.
The chart indicates that ADA price is now trading above $0.370 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.395 and $0.400 resistance levels.
Technical Indicators
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 – $0.374 and $0.350.
Key Resistance Levels – $0.395 and $0.400.
