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HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim Fresh Increase Above $0.38

Cardano (ADA) Price Analysis: Bulls Aim Fresh Increase Above $0.38

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  • 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.

Cardano (ADA) Price
Cardano (ADA) Price

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.

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.

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