Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000
- ADA price is showing positive signs above the $0.3720 zone against the US Dollar.
- The price is now trading above $0.375 and the 55 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance near $0.3700 on the 4-hours chart (data feed via Coinbase).
- The price could gain bullish momentum if it clears the $0.385 and $0.388 resistance levels.
Cardano price is rising above $0.380 against the US Dollar, similar to Bitcoin. ADA price could rally if there is a clear move above the $0.385 resistance.
Cardano Price Analysis
This week, Cardano price started a steady increase above the $0.362 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.370 and $0.375 levels.
Besides, there was a break above a major bearish trend line with resistance near $0.3700 on the 4-hours chart. The bulls were able to pump the price above the $0.380 resistance. However, the bears appeared near $0.385. A high is formed near $0.3864 and the price saw a downside correction.
There was a minor drop in Cardano below $0.382. The price spiked below the 23.6% Fib retracement level of the upward move from the $0.3537 swing low to the $0.3864 high.
ADA price is still trading above $0.375 and the 55 simple moving average (4 hours). It is also showing positive signs above the $0.380 level. On the upside, immediate resistance is near the $0.3850 zone. The next major resistance is near the $0.3880 zone.
A clear move above the $0.3880 resistance might start a strong increase toward $0.400. Any more gains above the $0.400 resistance might send the price toward the $0.420 resistance or even $0.432.
On the downside, immediate support is near the $0.378 level. The next major support is near the $0.370 level or the 50% Fib retracement level of the upward move from the $0.3537 swing low to the $0.3864 high. A clear move below the $0.370 level might send the price toward the $0.360 level. Any more losses might send the price toward the $0.350 support.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.375 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.385 and $0.388 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 – $0.375 and $0.370.
Key Resistance Levels – $0.385 and $0.388.
Source: Read Full Article