HomeAltcoin NewsCardano (ADA) Price Analysis: Key Barrier Intact At $0.40

Cardano (ADA) Price Analysis: Key Barrier Intact At $0.40

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  • ADA price is still struggling to clear the $0.40 zone against the US Dollar.
  • The price is now trading below $0.385 and the 55 simple moving average (4 hours).
  • There is a connecting bullish trend line forming with support near $0.372 on the 4-hour chart (data feed via Coinbase).
  • The price could start a fresh increase if it clears the $0.385 and $0.400 resistance levels.

Cardano’s price is consolidating above $0.350 against the US Dollar, like Bitcoin. ADA price could resume its rally if there is a clear move above the $0.400 resistance.

Cardano Price (ADA) Analysis

In the past few weeks, Cardano’s price started a steady increase above the $0.362 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.375 and $0.385 levels.

The price tested the $0.400 zone. The bulls a few attempts to clear the $0.400 hurdle, but they failed. The recent high was formed near $0.3979 and the price is now correcting lower. There was a move below the $0.385 support zone.

The price dipped below the 50% Fib retracement level of the upward move from the $0.3559 swing low to the $0.3979 high. ADA price is now trading below $0.385 and the 55 simple moving average (4 hours).

Besides, there is a connecting bullish trend line forming with support near $0.372 on the 4-hour chart. On the upside, immediate resistance is near the $0.385 zone and the 55 simple moving average (4 hours). The next major resistance is near the $0.400 zone.

A clear move above the $0.400 resistance might start a strong increase toward $0.432. Any more gains above the $0.432 resistance might send the price toward the $0.450 resistance or even $0.465.

On the downside, immediate support is near the $0.372 level or the 61.8% Fib retracement level of the upward move from the $0.3559 swing low to the $0.3979 high. The next major support is near the $0.3555 level. A clear move below the $0.355 level might send the price toward the $0.340 level. Any more losses might send the price toward the $0.325 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.385 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.385 and $0.400 resistance levels.

Technical Indicators

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

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

Key Support Levels – $0.372 and $0.355.

Key Resistance Levels – $0.385 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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