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.