Cardano (ADA) Price Analysis: Rally Could Accelerate Above $0.38

• ADA price seems to be forming a support base above the $0.35 level against the US Dollar.
• The price is now trading above $0.35 and the 55 simple moving average (4-hours).
• There was a break above a major bearish trend line with resistance near $0.348 on the 4-hours chart (data feed via Bitfinex).
• The price could gain resume its increase if it clears the $0.380 and $0.388 levels.

Cardano price is showing positive signs above $0.350 against the US Dollar, similar to bitcoin. ADA price could extend its increase if it clears the $0.388 resistance.

Cardano Price Analysis

This week, cardano price started a strong increase above the $0.320 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.335 and $0.350 levels.

During the increase, there was a break above a major bearish trend line with resistance near $0.348 on the 4-hours chart. It even broke the $0.372 level and settled well above the 55 simple moving average (4-hours). It traded as high as $0.386 and recently started a downside correction.

There was a move below the $0.382 and $0.380 levels. The price declined slightly below the 23.6% Fib retracement level of the upward move from the $0.3241 swing low to $0.3866 high.

It is now trading above $0.350 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.380 zone. A clear move above the $0.380 resistance might start a strong increase. The next major resistance is near the $0.400 level.

Any more gains above the $0.40 resistance might send the price towards the $0.42 resistance or even $0.432. On the downside, an immediate support is near the $0.370 level.

The next major support is near the $0.355 level. It is near the 50% Fib retracement level of the upward move from the $0.3241 swing low to $0.3866 high. A clear move below the $0.350 level might send the price towards the $0.332 level. Any more losses might send the price towards the $0.320 support.

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.350 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.380 and $0.388 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 – $0.372 and $0.355.

Key Resistance Levels – $0.388 and $0.400.

Tags: ADA, Cardano