Cardano (ADA) Price Analysis: More Gains Seems Likely Above $0.30
ADA price is showing positive signs above the $0.278 zone against the US Dollar.
The price is now trading above $0.280 and the 55 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $0.2520 on the 4-hour chart (data feed via Coinbase).
The price could gain bullish momentum if it clears the $0.290 and $0.300 resistance levels.
Cardano price is rising above $0.278 against the US Dollar, like Bitcoin. ADA price could rally if there is a clear move above the $0.3005 resistance.
Cardano Price (ADA) Analysis
This week, Cardano price started a steady increase above the $0.250 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.255 and $0.265 levels.
Besides, there was a break above a major bearish trend line with resistance near $0.2520 on the 4-hour chart. The bulls were able to pump the price toward the $0.288 resistance. However, the bears appeared near $0.290. A high is formed near $0.2899 and the price is now consolidating gains.
It is trading well above the 23.6% Fib retracement level of the upward move from the $0.2400 swing low to the $0.2899 high. ADA price is still trading above $0.280 and the 55 simple moving average (4 hours).
It is also showing positive signs above the same trend line. On the upside, immediate resistance is near the $0.290 zone. The next major resistance is near the $0.300 zone.
A clear move above the $0.300 resistance might start a strong increase toward $0.320. Any more gains above the $0.320 resistance might send the price toward the $0.335 resistance or even $0.350.
On the downside, immediate support is near the $0.278 level. The next major support is near the $0.268 level or the 50% Fib retracement level of the upward move from the $0.2400 swing low to the $0.2899 high. A clear move below the $0.268 level might send the price toward the $0.255 level. Any more losses might send the price toward the $0.250 support.
The chart indicates that ADA price is now trading above $0.280 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.290 and $0.300 resistance levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now gaining pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $0.278 and $0.268.
Key Resistance Levels – $0.290 and $0.300.
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Filed under: Bitcoin - @ October 24, 2023 5:58 am