Cardano (ADA) Price Surges 10%, Why Rally Isn’t Over Yet

Aayush Jindal

1 year ago

2 mins read

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Cardano’s price started a fresh increase above the $0.37 resistance. ADA rise further if it clears the $0.392 resistance zone.

ADA price is gaining bullish momentum above the $0.380 support against the US dollar.
The price is trading above $0.380 and the 100 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $0.386 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
The pair could continue to move up towards the $0.42 resistance zone.

Cardano’s ADA Price Climbs Above Hurdle

After a steady decline, cardano’s price found support near the $0.345 zone. The price traded as low as $0.3454 and recently started a decent increase.

There was a clear move above the $0.365 and $0.370 resistance levels. The bulls pumped the price above the 50% Fib retracement level of the key decline from the $0.4071 swing high to $0.3454 low. Besides, there was a break above a major bearish trend line with resistance near $0.386 on the 4-hours chart of the ADA/USD pair.

ADA price is now trading above $0.380 and the 100 simple moving average (4-hours). It seems to be consolidating above the trend line and $0.38. It is up nearly 10% in a day, unlike bitcoin and ethereum.

On the upside, an immediate resistance is near the $0.392 zone. It is near the 76.4% Fib retracement level of the key decline from the $0.4071 swing high to $0.3454 low. The next major resistance is forming near the $0.407 zone.

Source: ADAUSD on TradingView.com

If there is an upside break above the $0.392 and $0.407 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily towards the $0.45 level. An intermediate resistance might be $0.42.

Dips Limited in ADA?

If cardano’s price fails to climb above the $0.392 and $0.407 resistance levels, it could start a fresh decline. An immediate support on the downside is near the $0.380 level.

The next major support is near the $0.360 level. A downside break below the $0.360 level could open the doors for a fresh decline towards $0.345. The next major support is near the $0.320 level.

Technical Indicators

4-hours MACD – The MACD for ADA/USD is gaining 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 – $0.380, $0.360 and $0.345.

Major Resistance Levels – $0.392, $0.407 and $0.420.

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.

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