- ADA price is showing positive signs above the $0.3800 zone against the US Dollar.
- The price is now trading above $0.380 and the 55 simple moving average (4 hours).
- There was a break above a major contracting triangle with resistance near $0.3910 on the 4-hours chart (data feed via Coinbase).
- The price could gain bullish momentum if it clears the $0.410 and $0.420 resistance levels.
Cardano price is rising above $0.3850 against the US Dollar, similar to Bitcoin. ADA price could rally if there is a clear move above the $0.420 resistance.
Cardano Price Analysis
This week, Cardano price started a steady increase above the $0.365 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.380 and $0.388 levels.
There was a clear move above the 50% Fib retracement level of the downward wave from the $0.4092 swing high to the $0.3711 low. Besides, there was a break above a major contracting triangle with resistance near $0.3910 on the 4-hours chart.
ADA price is now trading above $0.380 and the 55 simple moving average (4 hours). It is also showing positive signs above the $0.392 level. On the upside, immediate resistance is near the $0.4000 zone. It is near the 76.4% Fib retracement level of the downward wave from the $0.4092 swing high to the $0.3711 low.
The next major resistance is near the $0.4080 zone. A clear move above the $0.4080 resistance might start a strong increase toward $0.420. Any more gains above the $0.420 resistance might send the price toward the $0.445 resistance or even $0.450.
On the downside, immediate support is near the $0.392 level. The next major support is near the $0.388 level. A clear move below the $0.388 level might send the price toward the $0.380 level. Any more losses might send the price toward the $0.372 support.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.380 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.410 and $0.420 resistance 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 – $0.392 and $0.388.
Key Resistance Levels – $0.408 and $0.420.
Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-rally-could-gain-pace-above-0-42/