Cardano (ADA) Price Analysis: Key Barrier Intact At $0.40
ADA price is still struggling to clear the $0.40 zone against the US Dollar.
The price is now trading below $0.385 and the 55 simple moving average (4 hours).
There is a connecting bullish trend line forming with support near $0.372 on the 4-hour chart (data feed via Coinbase).
The price could start a fresh increase if it clears the $0.385 and $0.400 resistance levels.
Cardano’s price is consolidating above $0.350 against the US Dollar, like Bitcoin. ADA price could resume its rally if there is a clear move above the $0.400 resistance.
Cardano Price (ADA) Analysis
In the past few weeks, Cardano’s price started a steady increase above the $0.362 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.375 and $0.385 levels.
The price tested the $0.400 zone. The bulls a few attempts to clear the $0.400 hurdle, but they failed. The recent high was formed near $0.3979 and the price is now correcting lower. There was a move below the $0.385 support zone.
The price dipped below the 50% Fib retracement level of the upward move from the $0.3559 swing low to the $0.3979 high. ADA price is now trading below $0.385 and the 55 simple moving average (4 hours).
Besides, there is a connecting bullish trend line forming with support near $0.372 on the 4-hour chart. On the upside, immediate resistance is near the $0.385 zone and the 55 simple moving average (4 hours). The next major resistance is near the $0.400 zone.
A clear move above the $0.400 resistance might start a strong increase toward $0.432. Any more gains above the $0.432 resistance might send the price toward the $0.450 resistance or even $0.465.
On the downside, immediate support is near the $0.372 level or the 61.8% Fib retracement level of the upward move from the $0.3559 swing low to the $0.3979 high. The next major support is near the $0.3555 level. A clear move below the $0.355 level might send the price toward the $0.340 level. Any more losses might send the price toward the $0.325 support.
The chart indicates that ADA price is now trading below $0.385 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.385 and $0.400 resistance levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $0.372 and $0.355.
Key Resistance Levels – $0.385 and $0.400.
The post Cardano (ADA) Price Analysis: Key Barrier Intact At $0.40 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ November 28, 2023 5:08 am