Cardano (ADA) is gaining speed above the $0.350 resistance line. ADA is showing strong bullish signals and may rise to $0.400 or $0.420.
- ADA price outperformed Bitcoin and bounced above the $0.350 resistance.
- The price is trading above $0.350 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 $0.3505 (data source from Kraken).
- The pair could move higher to the $0.400 level or even $0.420.
It looks like the Cardano price rise is not over yet
Over the past few days, Cardano has seen a significant increase above the $0.2850 support. It rose more than 20% and broke many hurdles near the $0.350 resistance zone, outperforming Bitcoin and Ethereum.
The uptrend sent the price soaring to $0.3750. A high was made near $0.3755 before a downward correction. The price fell below the $0.3550 support. It surged below the 23.6% Fib retracement level, rising from the $0.2845 swing low to the $0.3755 high.
However, the bulls remained active above the $0.3400 area. There is also a major bullish trend line forming with support near $0.3505 on the 4-hours chart of the ADA/USD pair.
Source: ADAUSD on TradingView.com
ADA is currently trading above $0.350 and the 100 simple moving average (4-hours). Meanwhile, immediate resistance is located near $0.3750. The first resistance is near $0.380. 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.
Are Dips restricted under the ADA?
If Cardano’s price fails to break above the $0.3750 resistance level, a downward correction could begin. Immediate support for the downside is near the $0.3550 level.
The next major support is near the $0.350 level and trend line. A break below the $0.350 level could open the door to a test of the 50% Fib retracement level from the $0.2845 swing low to the $0.3755 high at $0.3300. The next major support is near the $0.3080 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 – $0.355, $0.350, $0.330.
Key resistance levels – $0.375, $0.400, $0.420.