HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim Fresh Increase Above $0.335

Cardano (ADA) Price Analysis: Bulls Aim Fresh Increase Above $0.335

Date:

Related stories

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...

Solana (SOL) Price Analysis: Dips Attractive Near $135

Solana price started a downside correction from the...
spot_imgspot_img
  • 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.

Cardano Price
Cardano Price

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.

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

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img