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HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim Fresh Increase To $0.40

Cardano (ADA) Price Analysis: Bulls Aim Fresh Increase To $0.40

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  • ADA price seems to be forming a support base above the $0.30 level against the US Dollar.
  • The price is now trading above $0.320 and the 55 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $0.350 on the 4-hours chart (data feed via Coinbase).
  • The price could gain bullish momentum if it clears the $0.350 and $0.368 levels.

Cardano price is showing positive signs above $0.320 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.350 resistance.

Cardano Price Analysis

This past week, cardano price started a steady increase from the $0.3200 zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.335 and $0.340 levels.

It even broke the $0.350 level and settled above the 55 simple moving average (4-hours). A high was formed near $0.3579 before there was a downside correction. The price traded as low as $0.3317 and is currently showing positive signs.

ADA price is now trading above $0.320 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.344 zone. It is near the 50% Fib retracement level of the downward move from the $0.3579 swing high to $0.33171 low.

The next major resistance is near the $0.350 level. There is also a key contracting triangle forming with resistance near $0.350 on the 4-hours chart. The triangle is close to the 61.8% Fib retracement level of the downward move from the $0.3579 swing high to $0.33171 low.

A clear move above the $0.350 resistance might start a strong increase. In the stated case, the price may perhaps rise towards the $0.368 resistance.

On the downside, an immediate support is near the $0.332 level. The next major support is near the $0.320 level. A clear move below the $0.320 level might send the price towards the $0.300 level. Any more losses might send the price towards the $0.280 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.320 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.350 and $0.368 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 – $0.320 and $0.300.

Key Resistance Levels – $0.350 and $0.368.

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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