HomeAltcoin NewsCardano (ADA) Price Analysis: More Gains Likely Above $0.38

Cardano (ADA) Price Analysis: More Gains Likely Above $0.38

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  • ADA price seems to be forming a support base above the $0.34 level against the US Dollar.
  • The price is now trading above $0.332 and the 55 simple moving average (4-hours).
  • There was a break below a connecting bullish trend line with support near $0.350 on the 4-hours chart (data feed via Bitfinex).
  • The price could gain resume its increase if it clears the $0.370 and $0.380 levels.

Cardano price is showing positive signs above $0.340 against the US Dollar, similar to bitcoin. ADA price could extend its increase if it clears the $0.380 resistance.

Cardano Price Analysis

This week, cardano price started a strong increase above the $0.300 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.320 and $0.325 levels.

It even broke the $0.332 level and settled well above the 55 simple moving average (4-hours). It traded as high as $0.3699 and recently started a downside correction. There was a move below the $0.360 and $0.350 levels. The price declined below the 23.6% Fib retracement level of the upward wave from the $0.3083 swing low to $0.3699 high.

There was a break below a connecting bullish trend line with support near $0.350 on the 4-hours chart. It is now trading above $0.332 and the 55 simple moving average (4-hours).

On the upside, an immediate resistance is near the $0.355 zone. A clear move above the $0.355 resistance might start a strong increase. The next major resistance is near the $0.370 level. A clear upside break above the $0.370 level might send the price towards the $0.38 resistance or even $0.40.

On the downside, an immediate support is near the $0.340 level. It is near the 50% Fib retracement level of the upward wave from the $0.3083 swing low to $0.3699 high.

The next major support is near the $0.332 level. A clear move below the $0.332 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 $0.332 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.370 and $0.380 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 – $0.340 and $0.332.

Key Resistance Levels – $0.355 and $0.370.

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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