Cardano (ADA) is moving higher from the $0.350 support. ADA could rally if there is a clear move above the $0.388 and $0.395 resistance levels.
- ADA price is moving higher above the $0.375 pivot level.
- The price is trading above $0.380 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.370 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
- The pair could accelerate higher toward the $0.420 level or even $0.450.
After a steady increase, Cardano saw a downside correction from the $0.4090 zone. There was a drop below the $0.395 and $0.388 support levels, like Bitcoin and Ethereum.
However, the bulls were active near the $0.350 support zone. A low was formed near $0.3494 and the price is now moving higher. There was a break above the $0.365 and $0.375 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $0.4090 swing high to the $0.3494 low.
ADA is now trading above $0.375 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.370 on the 4-hour chart of the ADA/USD pair.
Source: ADAUSD on TradingView.com
On the upside, immediate resistance is near the $0.3880 zone or the 61.8% Fib retracement level of the downward move from the $0.4090 swing high to the $0.3494 low. The first resistance is near $0.395. The next key resistance might be $0.400. If there is a close above the $0.400 resistance, the price could extend its rally. In the stated case, the price could rise toward the $0.420 region. Any more gains might call for a move toward $0.450.
Are Dips Supported in ADA?
If Cardano’s price fails to climb above the $0.388 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.370 level and the trend line.
The next major support is near the $0.365 level and the 100 hourly SMA. A downside break below the $0.365 level could open the doors for a test of $0.350. The next major support is near the $0.335 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 – $0.370, $0.365, and $0.350.
Major Resistance Levels – $0.388, $0.395, and $0.420.
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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