- ADA price is correcting gains from the $0.40 zone against the US Dollar.
- The price is now trading below $0.380 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support near $0.378 on the 4-hours chart (data feed via Coinbase).
- The price could start a fresh increase if it clears the $0.378 and $0.395 resistance levels.
Cardano’s price is rising above $0.340 against the US Dollar, like Bitcoin. ADA price could resume its rally if there is a clear move above the $0.378 resistance.
Cardano Price (ADA) Analysis
This past week, Cardano’s price started a steady increase above the $0.320 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.335 and $0.350 levels.
The price tested the $0.400 zone. A high was formed near $0.3955 and the price is now correcting lower. There was a move below the $0.380 support zone. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.2843 swing low to the $0.3955 high.
Besides, there was a break below a key bullish trend line with support near $0.378 on the 4-hours chart. ADA price is now trading below $0.380 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.380 zone.
The next major resistance is near the $0.395 zone. A clear move above the $0.395 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 $0.350 level. The next major support is near the $0.340 level. It is near the 50% Fib retracement level of the upward move from the $0.2843 swing low to the $0.3955 high.
A clear move below the $0.340 level might send the price toward the $0.325 level. Any more losses might send the price toward the $0.30 support.
The chart indicates that ADA price is now trading below $0.380 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.380 and $0.40 resistance levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $0.340 and $0.325.
Key Resistance Levels – $0.380 and $0.400.
