2023-11-3 07:48 |
Cardano (ADA) started a fresh increase above the $0.30 resistance. ADA is outperforming Bitcoin and might aim for a move toward the $0.35 resistance.
ADA price regained strength for a move above the $0.265 and $0.280 levels against the US dollar. The price is trading above $0.30 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $0.3050 on the 4-hour chart of the ADA/USD pair (data source from Kraken). The pair must stay above the $0.308 support to start a fresh increase in the near term. Cardano Price Regains StrengthAfter a couple of swing moves, Cardano was able to gain strength for a move above the $0.28 resistance. It rallied above the $0.30 resistance to move further into a positive zone. It is up over 10% in two days, outperforming Bitcoin and Ethereum.
A new multi-week high is formed near $0.3295 and the price is now consolidating gains. There was a minor correction below the 23.6% Fib retracement level of the upward move from the $0.2847 swing low to the $0.3295 high.
ADA is now trading above $0.30 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.3050 on the 4-hour chart of the ADA/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.2847 swing low to the $0.3295 high.
Source: ADAUSD on TradingView.com
On the upside, immediate resistance is near the $0.3280 zone. The first resistance is near $0.332. The next key resistance might be $0.350. If there is a close above the $0.350 resistance, the price could extend its rally. In the stated case, the price could rise toward the $0.385 resistance zone.
Are Dips Supported in ADA?If Cardano’s price fails to climb above the $0.328 resistance level, it could continue to move down. Immediate support on the downside is near the $0.310 level.
The next major support is near the $0.308 level and the trend line. A downside break below the $0.308 level could open the doors for a sharp fresh decline toward $0.285. The next major support is near the $0.274 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 – $0.310, $0.308, and $0.285.
Major Resistance Levels – $0.328, $0.332, and $0.350.
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