Cardano (ADA) Price Analysis: Bulls Aim Fresh Increase Above $0.38

• ADA price seems to be forming a support base above the $0.355 level against the US Dollar.
• The price is now trading above $0.365 and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance near $0.362 on the 4-hour chart (data feed via Coinbase).
• The price could gain bullish momentum if it clears the $0.375 and $0.380 levels.

Cardano price is showing positive signs above $0.365 against the US Dollar, similar to Bitcoin. ADA price could gain bullish momentum if it clears the $0.380 resistance.

Cardano Price Analysis

This week, Cardano price started a steady increase from the $0.3550 zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.355 and $0.360 levels.

It even broke the $0.365 level and settled above the 55 simple moving average (4 hours). There was a clear move above the 50% Fib retracement level of the downward move from the $0.3803 swing high to the$0.3564 low. Besides, there was a break above a key bearish trend line with resistance near $0.362 on the 4-hours chart.

ADA price is now trading above $0.365 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.375 zone. It is near the 76.4% Fib retracement level of the downward move from the $0.3803 swing high to the $0.3564 low.

The next major resistance is near the $0.380 level. A clear move above the $0.380 resistance might start a strong increase. In the stated case, the price may perhaps rise toward the $0.400 resistance.

On the downside, immediate support is near the $0.365 level. The next major support is near the $0.355 level. A clear move below the $0.355 level might send the price towards the $0.340 level. Any more losses might send the price toward the $0.320 support, below which the bears could aim for a test of $0.300.

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.365 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.375 and $0.380 levels.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining pace in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now above the 50 level.

Key Support Levels – $0.365 and $0.355.

Key Resistance Levels – $0.375 and $0.380.

Tags: ADA, Cardano