ADA Price (Cardano) Indicators Suggest A Strengthening Case For Fresh Rally

Aayush Jindal

Last Updated: June 11, 2024 2:13 pm

2 mins read

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Cardano’s price started a fresh increase above the $0.40 resistance. ADA could rise further if it clears the $0.450 resistance zone.

ADA price is gaining bullish momentum above the $0.400 support against the US dollar.
The price is trading above $0.400 and the 100 simple moving average (4 hours).
There is a bullish flag pattern forming with resistance near $0.450 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
The pair could continue to move up if it clears the $0.450 resistance zone.

Cardano’s ADA Price Extends Rally

After forming a strong base, Cardano’s price started a decent increase above the $0.400 resistance zone. The price gained pace and was able to clear the key $0.420 resistance to move into a positive zone, similar to Bitcoin and Ethereum.

The upward move gained pace above $0.432 and the price climbed above $0.450. A high is formed near $0.4616 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $0.3893 swing low to the $0.4616 high.

ADA price is now trading above $0.420 and the 100 simple moving average (4 hours). There is also a bullish flag pattern forming with resistance near $0.450 on the 4-hour chart of the ADA/USD pair.

Source: ADAUSD on TradingView.com

On the upside, immediate resistance is near the $0.450 zone. The next major resistance is forming near the $0.462 zone. If there is an upside break above the $0.450 and $0.462 resistance levels, the price could start another rally. In the stated case, the price could rise steadily toward the $0.50 level. An Intermediate resistance might be $0.48.

Dips Supported in ADA?

If Cardano’s price fails to climb above the $0.450 and $0.462 resistance levels, it could correct lower. Immediate support on the downside is near the $0.435 level.

The next major support is near the $0.425 level and 50% Fib retracement level of the upward move from the $0.3893 swing low to the $0.4616 high. A downside break below the $0.425 level could open the doors for a fresh decline toward $0.400. The next major support is near the $0.375 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major Support Levels – $0.435, $0.425, and $0.400.

Major Resistance Levels – $0.450, $0.480, and $0.500.

Aayush Jindal

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