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Cardano Rally

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

Aayush Jindal by Aayush Jindal
2 months ago
in ADA
Reading Time: 2 mins read

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.

Cardano’s ADA Price

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.

Tags: ADAadausdADAUSDTCardano
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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