- ADA price is showing positive signs above the $0.280 zone against the US Dollar.
- The price is now trading above $0.285 and the 55 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance near $0.2950 on the 4-hours chart (data feed via Coinbase).
- The price could gain bullish momentum if it clears the $0.300 and $0.305 resistance levels.
Cardano price is rising above $0.288 against the US Dollar, similar to Bitcoin. ADA price could rally if there is a clear move above the $0.305 resistance.
Cardano Price Analysis
This week, Cardano price started a steady increase above the $0.275 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.280 and $0.285 levels.
Besides, there was a break above a major bearish trend line with resistance near $0.295 on the 4-hours chart. The bulls were able to pump the price toward the $0.300 resistance. However, the bears appeared near $0.300. A high is formed near $0.300 and the price is now consolidating gains.
It is trading well above the 23.6% Fib retracement level of the upward move from the $0.2673 swing low to the $0.30 high. ADA price is still trading above $0.288 and the 55 simple moving average (4 hours).
It is also showing positive signs above the same trend line. On the upside, immediate resistance is near the $0.300 zone. The next major resistance is near the $0.305 zone.
A clear move above the $0.305 resistance might start a strong increase toward $0.332. Any more gains above the $0.332 resistance might send the price toward the $0.350 resistance or even $0.365.
On the downside, immediate support is near the $0.292 level. The next major support is near the $0.285 level or the 50% Fib retracement level of the upward move from the $0.2673 swing low to the $0.30 high. A clear move below the $0.285 level might send the price toward the $0.275 level. Any more losses might send the price toward the $0.262 support.
The chart indicates that ADA price is now trading above $0.285 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.300 and $0.305 resistance levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now gaining pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $0.285 and $0.275.
Key Resistance Levels – $0.300 and $0.305.
