ADA price remains strong at $0.30, indicating a potential rally to $0.38.
ADA price remains strong at $0.30, indicating a potential rally to $0.38.
Cardano’s ADA Price Signals Fresh Increase
Cardano (ADA) is a cryptocurrency that is currently showing positive signs of a potential increase in price. As of now, ADA’s price is holding the key support level at $0.30, and it could start a steady upward movement if there is a clear move above the resistance level of $0.340.
In the past week, Cardano’s price experienced a downside correction from its recent high of $0.379. It traded below the support levels of $0.365 and $0.340, entering a short-term bearish zone, similar to other major cryptocurrencies like Bitcoin and Ethereum.
However, the bulls remained active above the crucial support level of $0.30. The price formed a low near $0.3001 and is now on the rise. There was a break above the resistance level of $0.320, and the price climbed above the 23.6% Fibonacci retracement level of the downward move from the swing high of $0.379 to the low of $0.300.
Currently, ADA’s price is trading above $0.300 and the 100 simple moving average (4 hours). Additionally, there is a major bullish trend line forming with support near $0.295 on the 4-hour chart of the ADA/USD pair.
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Looking at the upside, the immediate resistance level is near the $0.340 zone, which is close to the 50% Fibonacci retracement level of the downward move from the swing high of $0.379 to the low of $0.300. The first significant resistance is forming near the $0.350 zone, and the next key resistance level might be $0.365. A close above the $0.365 resistance level could potentially trigger a decent increase in price, with the possibility of the price rising towards the $0.380 resistance zone.
To provide a visual representation of the trend, please refer to the chart below:
Source: ADAUSD on TradingView.com
Are Dips Limited in ADA?
If Cardano’s price fails to climb above the resistance level of $0.340, there is a possibility of another decline. In this scenario, the immediate support level on the downside is near $0.315. The next major support level is near the key level of $0.30, as well as the trend line. A break below the $0.30 level could potentially open the doors for a sharp fresh decline towards the support level of $0.275. The next significant support level is near $0.262.
To analyze the technical indicators, the 4-hour MACD (Moving Average Convergence Divergence) for ADA/USD is gaining momentum in the bullish zone, indicating a potential upward movement in price. Additionally, the 4-hour RSI (Relative Strength Index) for ADA/USD is now above the 50 level, further supporting the positive outlook for Cardano’s price.
To summarize, the key support level at $0.30 is holding for Cardano’s ADA, and there are positive signs of a potential increase in price. However, a clear move above the resistance level of $0.340 is crucial for a steady upward movement. On the other hand, failure to surpass this resistance level could lead to further declines. Traders and investors should closely monitor the support and resistance levels mentioned above to make informed decisions.
Technical Indicators
- 4 hours MACD: Gaining momentum in the bullish zone
- 4 hours RSI: Above the 50 level
Major Support Levels
- $0.315
- $0.300
- $0.275
Major Resistance Levels
- $0.340
- $0.350
- $0.365
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