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HomeAltcoin NewsCardano (ADA) Price Analysis: Key Breakout Looms At $0.40

Cardano (ADA) Price Analysis: Key Breakout Looms At $0.40

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  • ADA price is showing positive signs above the $0.3500 zone against the US Dollar.
  • The price is now trading above $0.350 and the 55 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $0.3980 on the 4-hours chart (data feed via Coinbase).
  • The price could resume its increase if it stays above the $0.380 and $0.3720 support levels.

Cardano price is rising above $0.3800 against the US Dollar, similar to bitcoin. ADA price could rally if there is a clear move above the $0.400 resistance.

Cardano Price Analysis

This week, cardano price started a steady increase above the $0.350 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.362 and $0.380 levels.

There was a clear move above the 50% Fib retracement level of the downward move from the $0.4093 swing high to the $0.3711 low. It even broke the $0.380 level and settled well above the 55 simple moving average (4-hours).

The price is now trading above $0.388 and the 55 simple moving average (4-hours). On the upside, immediate resistance is near the $0.3950 zone. There is also a key contracting triangle forming with resistance near $0.3980 on the 4-hours chart.

The next major resistance is near the $0.4000 zone. It is near the 76.4% Fib retracement level of the downward move from the $0.4093 swing high to the $0.3711 low.

A clear move above the $0.4000 resistance might start a strong increase towards $0.420. Any more gains above the $0.420 resistance might send the price towards the $0.432 resistance or even $0.450.

On the downside, an immediate support is near the $0.385 level. The next major support is near the $0.380 level. A clear move below the $0.380 level might send the price towards the $0.372 level. Any more losses might send the price towards the $0.350 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.350 and the 55 simple moving average (4-hours). Overall, the price could resume its increase if it stays above the $0.380 and $0.370 support 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 above the 50 level.

Key Support Levels – $0.380 and $0.370.

Key Resistance Levels – $0.398 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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