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Home»EXCHANGE NEWS»Rally could restart if ADA price (Cardano) breaks confluence resistance
EXCHANGE NEWS

Rally could restart if ADA price (Cardano) breaks confluence resistance

By Crypto FlexsNovember 25, 20232 Mins Read
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Rally could restart if ADA price (Cardano) breaks confluence resistance
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Cardano (ADA) rose from the $0.350 support level. ADA could rebound if there is a clear move above the $0.388 and $0.395 resistance levels.

  • ADA price is rising above the $0.375 pivot level.
  • The price is trading above $0.380 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 $0.370 (data source from Kraken).
  • The pair could move higher to the $0.420 level or even $0.450.

Cardano Price Rising Could Start Again Soon

After a steady increase, Cardano suffered a downward correction in the $0.4090 area. Like Bitcoin and Ethereum, it fell below the $0.395 and $0.388 support levels.

However, the bulls remained active near the $0.350 support zone. A low was formed near $0.3494 and the price is currently rising. It broke through the $0.365 and $0.375 resistance levels. The price broke above the 50% Fib retracement level moving down from the $0.4090 swing high to the $0.3494 low.

ADA is currently trading above $0.375 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.370 on the 4-hours chart of the ADA/USD pair.

Source: ADAUSD on TradingView.com

On the upside, immediate resistance is near the $0.3880 area or the 61.8% Fib retracement level of the downside move from the $0.4090 swing high to the $0.3494 low. The first resistance is near $0.395. 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. Any more profits may require a move to $0.450.

Is deep supported in ADA?

If Cardano’s price fails to break above the $0.388 resistance level, a downward correction could begin. Immediate support for the downside is near the $0.370 level and trendline.

The next major support is near the $0.365 level and the 100-hourly SMA. A break below the $0.365 level could open the door to a test of $0.350. The next major support is near the $0.335 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 – $0.370, $0.365, $0.350.

Key resistance levels – $0.388, $0.395, $0.420.

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