ADA Price (Cardano) Breaking This Resistance Could Spark Bullish Moves

Aayush Jindal

1 year ago

2 mins read

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Cardano’s price is attempting a recovery wave above $0.375. ADA could gain bullish momentum if it settles above the $0.3850 resistance zone.

ADA price is slowly moving higher from the $0.360 zone against the US dollar.
The price is trading above $0.370 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $0.369 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
The pair could start a decent increase if it settles above the $0.3850 resistance zone.

Cardano’s ADA Price Attempts Recovery

This past week, Cardano’s price declined toward the key $0.354 support zone. The bulls managed to stay in action and averted a major downside break below $0.3540.

A low was formed near $0.3536 and the price started a recovery wave. There was a move above the $0.365 and $0.375 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $0.369 on the 4-hour chart of the ADA/USD pair.

The price is up 3% and showing a few positive signs, similar to Bitcoin and Ethereum. The bears are now protecting more gains above the $0.3850 resistance. A high is formed near $0.3850 and the price is consolidating gains. ADA price is trading above $0.370 and the 100 simple moving average (4 hours). It might soon test the 23.6% Fib retracement level of the recent wave from the $0.3536 swing low to the $0.3850 high.

Source: ADAUSD on TradingView.com

On the upside, immediate resistance is near the $0.385 zone. The next major resistance is forming near the $0.396 zone. If there is an upside break above the $0.385 and $0.396 resistance levels, the price could start a decent increase. In the stated case, the price could even surpass the $0.420 resistance zone. The next key resistance might be $0.432, above which it could test $0.45.

Fresh Decline in ADA?

If Cardano’s price fails to climb above the $0.385 and $0.396 resistance levels, it could start another decline. Immediate support on the downside is near the $0.375 level.

The next major support is near the $0.368 level or the 50% Fib retracement level of the recent wave from the $0.3536 swing low to the $0.3850 high. A downside break below the $0.368 level could open the doors for a fresh decline toward $0.354. The next major support is near the $0.332 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 – $0.375, $0.368, and $0.354.

Major Resistance Levels – $0.385, $0.396, 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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