- ADA price seems to be forming a support base above the $0.355 level against the US Dollar.
- The price is now trading above $0.365 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $0.362 on the 4-hour chart (data feed via Coinbase).
- The price could gain bullish momentum if it clears the $0.375 and $0.380 levels.
Cardano price is showing positive signs above $0.365 against the US Dollar, similar to Bitcoin. ADA price could gain bullish momentum if it clears the $0.380 resistance.
Cardano Price Analysis
This week, Cardano price started a steady increase from the $0.3550 zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.355 and $0.360 levels.
It even broke the $0.365 level and settled above the 55 simple moving average (4 hours). There was a clear move above the 50% Fib retracement level of the downward move from the $0.3803 swing high to the$0.3564 low. Besides, there was a break above a key bearish trend line with resistance near $0.362 on the 4-hours chart.
ADA price is now trading above $0.365 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.375 zone. It is near the 76.4% Fib retracement level of the downward move from the $0.3803 swing high to the $0.3564 low.
The next major resistance is near the $0.380 level. A clear move above the $0.380 resistance might start a strong increase. In the stated case, the price may perhaps rise toward the $0.400 resistance.
On the downside, immediate support is near the $0.365 level. The next major support is near the $0.355 level. A clear move below the $0.355 level might send the price towards the $0.340 level. Any more losses might send the price toward the $0.320 support, below which the bears could aim for a test of $0.300.
The chart indicates that ADA price is now trading above $0.365 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.375 and $0.380 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 – $0.365 and $0.355.
Key Resistance Levels – $0.375 and $0.380.
