HomeAltcoin NewsCardano (ADA) Price Analysis: Recovery Could Gain Pace Above $0.385

Cardano (ADA) Price Analysis: Recovery Could Gain Pace Above $0.385

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  • ADA price is showing positive signs above the $0.3720 zone against the US Dollar.
  • The price is now trading above $0.375 and the 55 simple moving average (4 hours).
  • There was a break above a major bearish trend line with resistance near $0.3700 on the 4-hours chart (data feed via Coinbase).
  • The price could gain bullish momentum if it clears the $0.385 and $0.388 resistance levels.

Cardano price is rising above $0.380 against the US Dollar, similar to Bitcoin. ADA price could rally if there is a clear move above the $0.385 resistance.

Cardano Price Analysis

This week, Cardano price started a steady increase above the $0.362 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.370 and $0.375 levels.

Besides, there was a break above a major bearish trend line with resistance near $0.3700 on the 4-hours chart. The bulls were able to pump the price above the $0.380 resistance. However, the bears appeared near $0.385. A high is formed near $0.3864 and the price saw a downside correction.

There was a minor drop in Cardano below $0.382. The price spiked below the 23.6% Fib retracement level of the upward move from the $0.3537 swing low to the $0.3864 high.

ADA price is still trading above $0.375 and the 55 simple moving average (4 hours). It is also showing positive signs above the $0.380 level. On the upside, immediate resistance is near the $0.3850 zone. The next major resistance is near the $0.3880 zone.

A clear move above the $0.3880 resistance might start a strong increase toward $0.400. Any more gains above the $0.400 resistance might send the price toward the $0.420 resistance or even $0.432.

On the downside, immediate support is near the $0.378 level. The next major support is near the $0.370 level or the 50% Fib retracement level of the upward move from the $0.3537 swing low to the $0.3864 high. A clear move below the $0.370 level might send the price toward the $0.360 level. Any more losses might send the price toward the $0.350 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.375 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.385 and $0.388 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 – $0.375 and $0.370.

Key Resistance Levels – $0.385 and $0.388.

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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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