Cardano (ADA) Price Analysis: Bulls In Control Above $0.35
Cardano price is showing positive signs above $0.355 against the US Dollar, similar to bitcoin. ADA price could extend its increase if it clears the $0.392 resistance.
Cardano Price Analysis
This week, cardano price started a strong increase above the $0.350 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.365 and $0.380 levels.
It even broke the $0.392 level and settled well above the 55 simple moving average (4-hours). It traded as high as $0.400 and recently started a downside correction. There was a move below the $0.392 and $0.388 levels. The price declined below the 50% Fib retracement level of the upward move from the $0.3473 swing low to $0.400 high.
It is now trading above $0.360 and the 55 simple moving average (4-hours). There is also a key rising channel forming with support near $0.368 on the 4-hours chart.
On the upside, an immediate resistance is near the $0.380 zone. A clear move above the $0.380 resistance might start a strong increase. The next major resistance is near the $0.392 level. Any more gains above the $0.392 resistance might send the price towards the $0.412 resistance or even $0.435.
On the downside, an immediate support is near the $0.370 level and the channel trend line. It is close to the 61.8% Fib retracement level of the upward move from the $0.3473 swing low to $0.400 high.
The next major support is near the $0.3338 level. A clear move below the $0.338 level might send the price towards the $0.312 level. Any more losses might send the price towards the $0.300 support.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.36 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.380 and $0.392 levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $0.370 and $0.355.
Key Resistance Levels – $0.380 and $0.392.
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