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HomeAltcoin NewsCardano (ADA) Price Analysis: Key Uptrend Support Nearby At $0.30

Cardano (ADA) Price Analysis: Key Uptrend Support Nearby At $0.30

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  • ADA price is correcting gains from the $0.380 zone against the US Dollar.
  • The price is now trading above $0.300 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.30 on the 4-hours chart (data feed via Coinbase).
  • The price could start a fresh increase if it clears the $0.320 and $0.335 resistance levels.

Cardano’s price is rising above $0.300 against the US Dollar, similar to Bitcoin. ADA price could resume its rally if there is a clear move above the $0.335 resistance.

Cardano Price (ADA) Analysis

This past week, Cardano’s price started a steady increase above the $0.335 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.350 and $0.365 levels.

The price tested the $0.380 zone. A high was formed near $0.3801 and the price is now correcting lower. There was a move below the $0.350 support zone. The price dipped below the 50% Fib retracement level of the upward move from the $0.2850 swing low to the $0.3801 high.

However, ADA price is now trading above $0.30 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.320 zone.

The next major resistance is near the $0.335 zone. A clear move above the $0.335 resistance might start a strong increase toward $0.365. Any more gains above the $0.365 resistance might send Cardano toward the $0.380 resistance or even $0.40.

On the downside, immediate support is near the $0.305 level. It is near the 76.4% Fib retracement level of the upward move from the $0.2850 swing low to the $0.3801 high.

The next major support is near the $0.300 level. There is also a key bullish trend line forming with support near $0.30 on the 4-hours chart. A clear move below the $0.30 level might send Cardano toward the $0.275 level. Any more losses might send the price toward the $0.250 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.300 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.320 and $0.335 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 – $0.30 and $0.275.

Key Resistance Levels – $0.320 and $0.335.

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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