HomeAltcoin NewsCardano (ADA) Price Analysis: More Gains Seems Likely Above $0.30

Cardano (ADA) Price Analysis: More Gains Seems Likely Above $0.30

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  • ADA price is showing positive signs above the $0.280 zone against the US Dollar.
  • The price is now trading above $0.285 and the 55 simple moving average (4 hours).
  • There was a break above a major bearish trend line with resistance near $0.2950 on the 4-hours chart (data feed via Coinbase).
  • The price could gain bullish momentum if it clears the $0.300 and $0.305 resistance levels.

Cardano price is rising above $0.288 against the US Dollar, similar to Bitcoin. ADA price could rally if there is a clear move above the $0.305 resistance.

Cardano Price Analysis

This week, Cardano price started a steady increase above the $0.275 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.280 and $0.285 levels.

Besides, there was a break above a major bearish trend line with resistance near $0.295 on the 4-hours chart. The bulls were able to pump the price toward the $0.300 resistance. However, the bears appeared near $0.300. A high is formed near $0.300 and the price is now consolidating gains.

It is trading well above the 23.6% Fib retracement level of the upward move from the $0.2673 swing low to the $0.30 high. ADA price is still trading above $0.288 and the 55 simple moving average (4 hours).

It is also showing positive signs above the same trend line. On the upside, immediate resistance is near the $0.300 zone. The next major resistance is near the $0.305 zone.

A clear move above the $0.305 resistance might start a strong increase toward $0.332. Any more gains above the $0.332 resistance might send the price toward the $0.350 resistance or even $0.365.

On the downside, immediate support is near the $0.292 level. The next major support is near the $0.285 level or the 50% Fib retracement level of the upward move from the $0.2673 swing low to the $0.30 high. A clear move below the $0.285 level might send the price toward the $0.275 level. Any more losses might send the price toward the $0.262 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.285 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.300 and $0.305 resistance 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 – $0.285 and $0.275.

Key Resistance Levels – $0.300 and $0.305.

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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