- ADA price is currently gaining momentum and it is trading above the $0.0350 resistance against the US Dollar.
- A clear break above the $0.0370 resistance is needed for more gains.
- There is a key bullish trend line forming with support near $0.0340 on the 4-hours chart (data feed via Kraken).
- The price is likely to continue higher towards the $0.0400 resistance as long as it is above $0.0320.
Cardano price is trading in a solid uptrend above $0.0320 against the US Dollar, similar to bitcoin. ADA price is likely to test the $0.0400 and $0.0420 resistance levels in the near term.
Cardano Price Analysis
This week, cardano price started a strong rise from the $0.0320 pivot level against the US Dollar. The ADA/USD pair gained pace and broke a major hurdle near the $0.0350 resistance level.
Besides, there was a close above the $0.0350 level and the 55 simple moving average (4-hours). The price traded as high as $0.0373 and it recently corrected lower. There was a break below the $0.0360 level.
The price traded below the 23.6% Fibonacci retracement level of the upward move from the $0.0316 low to $0.0373 high. However, the decline was protected by the $0.0350 and $0.0345 support levels.
It seems like the 50% Fibonacci retracement level of the upward move from the $0.0316 low to $0.0373 high acted as a strong support zone. There is also a key bullish trend line forming with support near $0.0340 on the 4-hours chart.
ADA price is currently rising and trading above the $0.0360 level. An initial hurdle is near the $0.0373 swing high. A successful break above the $0.0373 high is likely to open the doors for a sharp rise towards the $0.0400 level.
The next key resistance is near the $0.04202 level, followed by $0.0450. Conversely, the price could fail to continue above the $0.0370 and $0.0400 resistance levels. On the downside, an initial support is near the $0.0350 level.
If there is a bearish break below the $0.0350 support, the price is likely to continue lower towards the main $0.0320 support area in the near term.
The chart indicates that ADA price is nicely gaining momentum above the $0.0320 and $0.0350 levels. Therefore, there are high chances of more upsides above the $0.0370 and $0.0400 levels.
4 hours MACD – The MACD for ADA/USD is currently gaining momentum in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now well above the 55 level.
Key Support Levels – $0.0350 and $0.0320.
Key Resistance Levels – $0.0370 and $0.0400.
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Source: Live Bitcoin News