- ADA price is gaining pace above the $0.280 zone against the US Dollar.
- The price is now trading above $0.290 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.2980 on the 4-hour 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 $0.290 against the US Dollar, like Bitcoin. ADA price could rally if there is a clear move above the $0.3050 resistance.
Cardano Price Analysis
This week, Cardano price started a steady increase above the $0.265 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.272 and $0.280 levels.
The bulls were able to pump the price toward the $0.292 resistance. The price even spiked above the $0.30 resistance. A high is formed near $0.3049 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $0.2401 swing low to the $0.3049 high.
ADA price is still trading above $0.290 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.2980 on the 4-hour chart.
On the upside, immediate resistance is near the $0.305 zone. The next major resistance is near the $0.312 zone. A clear move above the $0.312 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 $0.295 level and the trend line. The next major support is near the $0.290 level, below which the price could test the 50% Fib retracement level of the upward move from the $0.2401 swing low to the $0.3049 high at $0.272.
A clear move below the $0.272 level might send the price toward the $0.265 level. Any more losses might send the price toward the $0.250 support.
The chart indicates that ADA price is now trading above $0.290 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.305 and $0.312 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 – $0.290 and $0.272.
Key Resistance Levels – $0.305 and $0.312.
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- Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-bullish-break-looms-above-0-30/
