2023-7-20 07:51 |
Cardano’s price is holding the key support at $0.30. ADA could start a steady increase if there is a clear move above the $0.340 resistance.
ADA price is showing positive signs above the $0.30 level against the US dollar. The price is trading above $0.300 and the 100 simple moving average (4 hours). There is a major bullish trend line forming with support near $0.295 on the 4-hour chart of the ADA/USD pair (data source from Kraken). The pair could gain bullish momentum if there is a close above the $0.340 resistance. Cardano’s ADA Price Signals Fresh IncreaseThis past week, Cardano’s price started a downside correction from the $0.379 high. The price traded below the $0.365 and $0.340 support levels to move into a short-term bearish zone, similar to Bitcoin and Ethereum.
However, the bulls were active above the $0.30 level. A low is formed near $0.3001 and the price is now rising. There was a break above the $0.320 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.379 swing high to the $0.300 low.
ADA price is now trading above $0.300 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.295 on the 4-hour chart of the ADA/USD pair.
On the upside, immediate resistance is near the $0.340 zone. It is close to the 50% Fib retracement level of the downward move from the $0.379 swing high to the $0.300 low.
Source: ADAUSD on TradingView.com
The first major resistance is forming near the $0.350 zone. The next key resistance might be $0.365. If there is a close above the $0.365 resistance, the price could start a decent increase. In the stated case, the price could rise toward the $0.380 resistance zone.
Are Dips Limited in ADA?If Cardano’s price fails to climb above the $0.340 resistance level, it could start another decline. Immediate support on the downside is near the $0.315 level.
The next major support is near the $0.30 level and the trend line. A downside break below the $0.30 level could open the doors for a sharp fresh decline toward $0.275. The next major support is near the $0.262 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 – $0.315, $0.300, and $0.275.
Major Resistance Levels – $0.340, $0.350, and $0.365.
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