Cardano (ADA) Price Analysis: Bulls Aim Fresh Increase Above $0.28
Cardano price is showing positive signs above $0.250 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.270 resistance.
Cardano Price Analysis
This past week, cardano price started a steady increase from the $0.2380 zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.245 and $0.250 levels.
It even broke the $0.260 level and settled above the 55 simple moving average (4-hours). There was a clear move above the 23.6% Fib retracement level of the downward move from the $0.3200 swing high to $0.2391 low. It is now showing positive signs above the $0.2600 level.
The price is trading above $0.260 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.265 zone.
The next major resistance is near the $0.270 level. There is also a key bearish trend line forming with resistance near $0.270 on the 4-hours chart. A clear move above the $0.270 resistance might start a strong increase. In the stated case, the price may perhaps rise towards the $0.300 resistance.
An intermediate resistance might be near the 50% Fib retracement level of the downward move from the $0.3200 swing high to $0.2391 low. On the downside, an immediate support is near the $0.250 level. The next major support is near the $0.240 level.
A clear move below the $0.240 level might send the price towards the $0.220 level. Any more losses might send the price towards the $0.200 support.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.250 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.270 and $0.300 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 – $0.250 and $0.240.
Key Resistance Levels – $0.270 and $0.300.
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