Cardano (ADA) started a new rise above the $0.30 resistance level. ADA is outperforming Bitcoin and could target a move towards $0.35 resistance.
- The price of ADA regained strength, surpassing 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).
- On the 4-hours chart of the ADA/USD pair, there is a major bullish trend line forming with support near $0.3050 (data source from Kraken).
- The pair needs to stay above the $0.308 support to start a new rally in the near term.
Cardano price is showing signs of strength again.
After a few swing moves, Cardano was able to gain the strength to move above the $0.28 resistance line. It rebounded above the $0.30 resistance and moved further into positive territory. It rose more than 10% in two days, surpassing Bitcoin and Ethereum.
A new multi-week high was formed near $0.3295 and the price is currently on an upward trend. There was a slight 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 currently trading above $0.30 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.3050 on the 4-hours chart of the ADA/USD pair. The trend line is close to the 50% Fib retracement level rising from the $0.2847 swing low to the $0.3295 high.
Source: ADAUSD on TradingView.com
Meanwhile, immediate resistance is near $0.3280. The first resistance is near $0.332. The next major resistance could be at $0.350. A close above the $0.350 resistance could extend the price rally. If indicated, the price may rise towards the $0.385 resistance area.
Is deep supported in ADA?
If Cardano’s price fails to break above the $0.328 resistance level, it may continue to decline. Immediate support for the downside is near the $0.310 level.
The next major support is near the $0.308 level and trend line. A break below the $0.308 level could open the door for a sharp decline towards $0.285. The next major support is near the $0.274 level.
technical indicators
4-Hour MACD – The MACD for ADA/USD is losing momentum in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Key support levels – $0.310, $0.308, $0.285.
Key resistance levels – $0.328, $0.332, $0.350.