- 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.
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.