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Home»EXCHANGE NEWS»ADA price is $0.40 and recovery could soon turn into a bounce
EXCHANGE NEWS

ADA price is $0.40 and recovery could soon turn into a bounce

By Crypto FlexsDecember 6, 20232 Mins Read
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Cardano (ADA) is gaining momentum above the $0.40 resistance line. ADA may rebound if there is a clear move above the $0.432 and $0.450 resistance levels.

  • ADA price is rising above the $0.400 pivot level.
  • The price is trading above $0.415 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 $0.410 (data source from Kraken).
  • The pair may go higher towards the $0.500 level or even $0.550.

Cardano price begins steady rise

After forming a base above the $0.3750 level, Cardano began a steady increase. Although there was a breakout above the $0.388 and $0.400 resistance levels, ADA lagged behind momentum from the likes of Bitcoin and Ethereum.

The price rose above the $0.420 resistance line. The highest price was formed around $0.4293 and the price is currently on an upward trend. It is trading above the 23.3% Fib retracement level, rising from the $0.3715 swing low to the $0.4293 high.

ADA is currently trading above $0.415 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.410 on the 4-hours chart of the ADA/USD pair.

Source: ADAUSD on TradingView.com

On the positive side, immediate resistance is located near the $0.4250 area. The first resistance is near $0.432. The next major resistance could be at $0.450. If the price closes above the $0.450 resistance, the price could begin a strong rally. If stated, the price may rise to the $0.50 region. A move towards $0.550 may be needed to take further profits.

Is Dips supported in ADA?

If Cardano’s price fails to break above the $0.432 resistance level, a downward correction could begin. Immediate support for the downside is near the $0.4150 level.

The next major support is near the $0.410 level and trend line. A break below the $0.410 level could open the door to a test of $0.388. The next major support is near the $0.372 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 – $0.415, $0.410 and $0.388.

Key resistance levels – $0.432, $0.450, $0.500.

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