HomeAltcoin NewsCardano (ADA) Price Analysis: Dips Coud Be Limited Below $0.325

Cardano (ADA) Price Analysis: Dips Coud Be Limited Below $0.325

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  • ADA price is correcting gains from the $0.40 zone against the US Dollar.
  • The price is now trading below $0.380 and the 55 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support near $0.378 on the 4-hours chart (data feed via Coinbase).
  • The price could start a fresh increase if it clears the $0.378 and $0.395 resistance levels.

Cardano’s price is rising above $0.340 against the US Dollar, like Bitcoin. ADA price could resume its rally if there is a clear move above the $0.378 resistance.

Cardano Price (ADA) Analysis

This past week, Cardano’s price started a steady increase above the $0.320 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.335 and $0.350 levels.

The price tested the $0.400 zone. A high was formed near $0.3955 and the price is now correcting lower. There was a move below the $0.380 support zone. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.2843 swing low to the $0.3955 high.

Besides, there was a break below a key bullish trend line with support near $0.378 on the 4-hours chart. ADA price is now trading below $0.380 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.380 zone.

The next major resistance is near the $0.395 zone. A clear move above the $0.395 resistance might start a strong increase toward $0.420. Any more gains above the $0.420 resistance might send the price toward the $0.450 resistance or even $0.465.

On the downside, immediate support is near the $0.350 level. The next major support is near the $0.340 level. It is near the 50% Fib retracement level of the upward move from the $0.2843 swing low to the $0.3955 high.

A clear move below the $0.340 level might send the price toward the $0.325 level. Any more losses might send the price toward the $0.30 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.380 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.380 and $0.40 resistance levels.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now losing pace in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now below the 50 level.

Key Support Levels – $0.340 and $0.325.

Key Resistance Levels – $0.380 and $0.400.

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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