Cardano (ADA) rose from the $0.350 support level. ADA could rebound if there is a clear move above the $0.388 and $0.395 resistance levels.
- ADA price is rising above the $0.375 pivot level.
- The price is trading above $0.380 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the ADA/USD pair, there is a major bullish trend line forming with support near $0.370 (data source from Kraken).
- The pair could move higher to the $0.420 level or even $0.450.
Cardano Price Rising Could Start Again Soon
After a steady increase, Cardano suffered a downward correction in the $0.4090 area. Like Bitcoin and Ethereum, it fell below the $0.395 and $0.388 support levels.
However, the bulls remained active near the $0.350 support zone. A low was formed near $0.3494 and the price is currently rising. It broke through the $0.365 and $0.375 resistance levels. The price broke above the 50% Fib retracement level moving down from the $0.4090 swing high to the $0.3494 low.
ADA is currently trading above $0.375 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.370 on the 4-hours chart of the ADA/USD pair.
Source: ADAUSD on TradingView.com
On the upside, immediate resistance is near the $0.3880 area or the 61.8% Fib retracement level of the downside move from the $0.4090 swing high to the $0.3494 low. The first resistance is near $0.395. The next major resistance could be $0.400. A close above the $0.400 resistance could extend the price rally. If stated, the price may rise to the $0.420 region. Any more profits may require a move to $0.450.
Is deep supported in ADA?
If Cardano’s price fails to break above the $0.388 resistance level, a downward correction could begin. Immediate support for the downside is near the $0.370 level and trendline.
The next major support is near the $0.365 level and the 100-hourly SMA. A break below the $0.365 level could open the door to a test of $0.350. The next major support is near the $0.335 level.
technical indicators
4-Hour MACD – The MACD for ADA/USD is gaining momentum in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Key support levels – $0.370, $0.365, $0.350.
Key resistance levels – $0.388, $0.395, $0.420.