Cardano (ADA) Price Saw Technical Breakout: Big Reaction From Bulls Imminent

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Cardano’s price started a fresh increase above the $0.35 resistance. ADA rise further if it clears the $0.388 resistance zone.

ADA price is gaining bullish momentum above the $0.350 support against the US dollar.
The price is trading above $0.350 and the 100 simple moving average (4-hours).
There is a key rising channel forming with support near $0.3520 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
The pair could continue to move up if it clears the $0.388 resistance zone.

Cardano’s ADA Price Remains In Uptrend

After forming a strong base, cardano’s price started a decent increase above the $0.320 resistance zone. The price gained pace and was able to clear the key $0.350 resistance to move into a positive zone, similar to Bitcoin and Ethereum.

The upward move gained pace above $0.350 and the price climbed above $0.380. A high is formed near $0.3876 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 $0.3342 swing low to $0.3876 high.

ADA price is now trading above $0.350 and the 100 simple moving average (4-hours). There is also a key rising channel forming with support near $0.3520 on the 4-hours chart of the ADA/USD pair.

Source: ADAUSD on TradingView.com

On the upside, an immediate resistance is near the $0.375 zone. The next major resistance is forming near the $0.388 zone. If there is an upside break above the $0.385 and $0.388 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily towards the $0.42 level. An intermediate resistance might be $0.45.

Dips Supported?

If cardano’s price fails to climb above the $0.375 and $0.388 resistance levels, it could correct lower. An immediate support on the downside is near the $0.360 level.

The next major support is near the $0.352 level and the channel lower trend line. A downside break below the $0.352 level could open the doors for a fresh decline towards $0.320. The next major support is near the $0.300 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 – $0.360, $0.352 and $0.320.

Major Resistance Levels – $0.375, $0.388 and $0.400.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.