HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim Fresh Run To $0.40

Cardano (ADA) Price Analysis: Bulls Aim Fresh Run To $0.40

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  • ADA price is showing positive signs above the $0.3200 zone against the US Dollar.
  • The price is now trading above $0.320 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.3500 on the 4-hours chart (data feed via Bitfinex).
  • The price could resume its increase if it stays above the $0.328 and $0.320 support levels.

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
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.

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 – $0.325 and $0.320.

Key Resistance Levels – $0.350 and $0.360.

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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