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HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim Fresh Increase To $0.30

Cardano (ADA) Price Analysis: Bulls Aim Fresh Increase To $0.30

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  • ADA price seems to be recovering above the $0.25 level against the US Dollar.
  • The price is now trading below $0.32 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.278 on the 4-hour chart (data feed via Coinbase).
  • The price could gain bullish momentum if it clears the $0.280 and $0.300 levels.

Cardano price is recovering higher above $0.25 against the US Dollar, similar to Bitcoin. ADA price could gain bullish momentum if it clears the $0.278 resistance.

Cardano Price Analysis

This past week, Cardano price saw a major decline from well above $0.350 against the US Dollar. The ADA/USD pair traded below the $0.32 and $0.30 support levels to move into a bearish zone.

The bears even pushed the price below $0.25. A low is formed near $0.230 and the price is now correcting losses. There was a move above the $0.245 and $0.250 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.3820 swing high to the $0.2300 low.

ADA price is now trading below $0.30 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.278 zone. There is also a key bearish trend line forming with resistance near $0.278 on the 4-hour chart.

The next major resistance is near the $0.300 level or the 50% Fib retracement level of the downward move from the $0.3820 swing high to the $0.2300 low. A clear move above the $0.300 resistance might start a strong increase. In the stated case, the price may perhaps rise toward the $0.350 resistance.

On the downside, immediate support is near the $0.260 level. The next major support is near the $0.250 level. A clear move below the $0.250 level might send the price toward the $0.220 level. Any more losses might send the price toward the $0.212 support, below which the bears could aim for a test of $0.200.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.30 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.278 and $0.300 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 below the 50 level.

Key Support Levels – $0.260 and $0.230.

Key Resistance Levels – $0.278 and $0.300.

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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