- ADA price seems to be forming a support base above the $0.30 level against the US Dollar.
- The price is now trading above $0.312 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.314 on the 4-hours chart (data feed via Bitfinex).
- The price could gain bullish momentum if it clears the $0.330 and $0.335 levels.
Cardano price is showing positive signs above $0.300 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.335 resistance.
Cardano Price Analysis
This past week, cardano price started a steady increase from the $0.3000 zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.305 and $0.312 levels.
It even broke the $0.325 level and settled above the 55 simple moving average (4-hours). It traded as high as $0.3292 and recently started a downside correction. There was a move below the $0.320 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.3003 swing low to $0.3292 high.
It is now trading above $0.312 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.314 on the 4-hours chart.
On the upside, an immediate resistance is near the $0.328 zone. The next major resistance is near the $0.335 level. A clear move above the $0.335 resistance might start a strong increase. In the stated case, the price may perhaps rise towards the $0.350 resistance.
On the downside, an immediate support is near the $0.315 level and the trend line. The next major support is near the $0.312 level. It is near the 61.8% Fib retracement level of the upward move from the $0.3003 swing low to $0.3292 high.
A clear move below the $0.312 level might send the price towards the $0.300 level. Any more losses might send the price towards the $0.280 support.
The chart indicates that ADA price is now trading above $0.312 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.330 and $0.335 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 – $0.314 and $0.300.
Key Resistance Levels – $0.328 and $0.335.
