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Home»EXCHANGE NEWS»Cardano (ADA) Up 10%: Is a $0.50 Retest Coming Soon?
EXCHANGE NEWS

Cardano (ADA) Up 10%: Is a $0.50 Retest Coming Soon?

By Crypto FlexsSeptember 29, 20242 Mins Read
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Cardano (ADA) Up 10%: Is a alt=
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Cardano price started a significant rise above the $0.3620 resistance level. ADA is currently showing positive signs and may rise further to $0.420.

  • ADA price began its recovery at the $0.3420 level.
  • The price is trading above $0.380 and the 100-hour simple moving average.
  • The hourly chart of the ADA/USD pair has a key bullish trendline with support at $0.3810 (data source from Kraken).
  • If it holds steady above the $0.3800 support zone, the pair may continue to rise.

Cardano price begins steady rise

After forming a base above the $0.3420 level, Cardano began a significant increase. There was significant movement above the $0.3550 and $0.3650 resistance levels for the likes of Bitcoin and Ethereum.

The bulls pushed the price above the $0.380 resistance level. A high was formed at $0.3938 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the rise from the $0.3432 swing low to the $0.3938 high.

Cardano price is currently trading above $0.380 and the 100-hour simple moving average. On the hourly chart of the ADA/USD pair, there is also a major bullish trend line forming with support at $0.3810.

On the positive side, the price may face resistance near $0.3900. The first resistance is near $0.3940. The next major resistance could be $0.4200. If the price closes above the $0.4200 resistance, the price could begin a strong rally. If stated, the price may rise to the $0.450 region. A move towards $0.500 may be needed to take further profits.

Is deep supported in ADA?

If Cardano’s price fails to rise above the $0.3900 resistance, another decline could begin. Immediate support for the downside is near the $0.380 level and trendline.

The next major support is near the $0.3650 level or the 50% Fib retracement level of the rise from the $0.3432 swing low to the $0.3938 high. A break below the $0.3650 level could open the door to a $0.3550 test. The next major support is near the $0.3420 level where the bulls may emerge.

technical indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in bullish territory.

Hourly Relative Strength Index (RSI) – The RSI for ADA/USD is now above the 50 level.

Key support levels – $0.3800 and $0.3650.

Key resistance levels – $0.3900 and $0.4200.

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