33.8 C
Dubai
Saturday, May 25, 2024
HomeAltcoin NewsCardano (ADA) Price Analysis: Approaching Next Key Break To $0.04?

Cardano (ADA) Price Analysis: Approaching Next Key Break To $0.04?

Date:

Related stories

  • ADA price is currently consolidating in a tight range below the $0.0320 resistance against the US Dollar.
  • The price is holding the key $0.0280 support level and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.0284 on the 4-hours chart (data feed via Kraken).
  • The price could start a strong rise above the $0.0320 and $0.0340 resistance levels in the near term.

Cardano price is making an attempt to rise above key hurdles against the US Dollar and bitcoin. However, ADA price must climb above $0.0320 to continue higher.

Cardano Price Analysis

In the past few days, cardano price started a decent recovery above the $0.0250 resistance against the US Dollar. The ADA/USD pair even broke the $0.0300 resistance level and the 55 simple moving average (4-hours).

Finally, there was a spike above the $0.0320 level, but it failed to continue higher. A swing high is formed near $0.0341 and the price is currently correcting lower. It declined towards the $0.0250 support and traded as low as $0.0266.

At the outset, the price is consolidating in a tight range and trading near the $0.0300 resistance. It is testing the 50% Fibonacci retracement level of the recent decline from the $0.0341 high to $0.0266 low.

On the upside, there is a major hurdle forming near the $0.0320 level. It coincides with the 76.4% Fibonacci retracement level of the recent decline from the $0.0341 high to $0.0266 low.

An immediate resistance is near the $0.0305 level. If the price climbs above the $0.0305 and $0.0320 resistance levels, it could start a strong rise in the near term. The next major hurdle is near the $0.0350 level, above which the price is likely to continue higher towards $0.0400.

Conversely, the price could fail to continue above the $0.0320 resistance area. On the downside, an initial support is near the $0.0284 level and the 55 simple moving average (4-hours).

There is also a key bullish trend line forming with support near $0.0284 on the 4-hours chart. If there is a downside break below the $0.0284 and $0.0280 support levels, it could dive towards $0.0250 or $0.0220.

Cardano Price
Cardano Price

The chart indicates that ADA price is consolidating in a tight range below the $0.0320 resistance. If there is a clear break above $0.0320, the price is likely to rise steadily. If not, there is a risk of a sharp decline below $0.0280.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is currently losing momentum in the bullish zone.

4 hours RSI – The RSI for ADA/USD is currently above the 50 level.

Key Support Levels – $0.0280 and $0.0250.

Key Resistance Levels – $0.0305 and $0.0320.

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.

Subscribe

Latest stories