HomeAltcoin NewsCardano (ADA) Price Analysis: Rally Is Just Getting Started

Cardano (ADA) Price Analysis: Rally Is Just Getting Started

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  • ADA price is gaining pace above the $0.320 zone against the US Dollar.
  • The price is now trading above $0.340 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $0.3540 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to rise if it clears the $0.375 and $0.380 resistance levels.

Cardano price is rising above $0.350 against the US Dollar, like Bitcoin. ADA price could rally further if there is a clear move above the $0.3750 resistance.

Cardano Price Analysis

This week, Cardano price started a steady 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 $0.320 levels.

The bulls were able to pump the price above the $0.350 resistance. The price even spiked above the $0.375 resistance. A high is formed near $0.3758 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $0.2843 swing low to the $0.3758 high.

ADA price is still trading above $0.340 and the 55 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.3540 on the 4-hour chart.

On the upside, immediate resistance is near the $0.375 zone. The next major resistance is near the $0.380 zone. A clear move above the $0.375 resistance might start a strong increase toward $0.420. Any more gains above the $0.420 resistance might send the price toward the $0.450 resistance or even $0.465.

On the downside, immediate support is near the $0.354 level and the trend line. The next major support is near the $0.330 level or the 50% Fib retracement level of the upward move from the $0.2843 swing low to the $0.3758 high, below which the price could test $0.320.

A clear move below the $0.320 level might send the price toward the $0.305 level. Any more losses might send the price toward the $0.300 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.340 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.375 and $0.380 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 – $0.354 and $0.330.

Key Resistance Levels – $0.375 and $0.380.

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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