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Home»BITCOIN NEWS»ADA Price Prediction – Here’s why Cardano could rise back above $0.75.
BITCOIN NEWS

ADA Price Prediction – Here’s why Cardano could rise back above $0.75.

By Crypto FlexsMarch 15, 20243 Mins Read
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ADA Price Prediction – Here’s why Cardano could rise back above alt=
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Cardano (ADA) is trimming gains near the $0.80 resistance zone. ADA could start a fresh hike if it stays above the $0.6880 support area.

  • ADA price is slowly coming down from the $0.80 area.
  • The price is trading below $0.720 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the ADA/USD pair, there is a major bullish trendline forming around support at $0.6880 (data source from Kraken).
  • If the bulls remain active above the $0.680 support, the pair could attempt a fresh increase.

Cardano price reaches key support

After forming a base above the $0.580 level, Cardano started a new rally. ADA price could move beyond the $0.620 and $0.680 resistance levels and into positive territory like Bitcoin and Ethereum.

The bulls pushed the pair above the $0.700 resistance zone. However, bears remained active near the $0.80 resistance zone. A high was formed near $0.8097 and the price began a downward correction. There was a move below the $0.750 level.

Prices fell below the 23.6% Fib retracement level of the bullish wave from the $0.5754 swing low to the $0.8097 high. ADA price is currently trading below $0.7250 and the 100 simple moving average (4-hours).

There is also a major bullish trend line forming with support at $0.6880 on the 4-hours chart of the ADA/USD pair. The trend line is near the 50% Fib retracement level of the bullish wave from the $0.5754 swing low to the $0.8097 high.

Source: ADAUSD on TradingView.com

Bulls may remain active near the $0.680 support. On the positive side, immediate resistance is located near the $0.7220 area. The first resistance is near $0.740. The next major resistance could be $0.800. If the price closes above the $0.800 resistance line, the price could begin a strong rebound. If indicated, the price may rise to the $0.8250 region. Any more profits may require a move to $0.850.

Will ADA cause more losses?

If Cardano’s price fails to break above the $0.7220 resistance level, it may continue to decline. Immediate support for the downside is near the $0.6880 level.

The next major support is near the $0.680 level. A break below the $0.680 level could open the door to a test of $0.6350. The next major support is near the $0.6120 level.

technical indicators

4-Hour MACD – The MACD for ADA/USD is losing momentum in bearish territory.

4-Hour RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Key support levels – $0.6880, $0.6800 and $0.6350.

Key resistance levels – $0.7220, $0.7400 and $0.8000.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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