ADA Price (Cardano) Could See “Liftoff” if It’s Able to Hold One Crucial Level
Cardano’s price is attempting a recovery wave above $0.775. ADA could gain bullish momentum if it settles above the $0.3050 resistance zone.
ADA price is slowly moving higher from the $0.250 zone against the US dollar.
The price is trading above $0.275 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.2780 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
The pair could start a decent increase if it settles above the $0.3050 resistance zone.
Cardano’s ADA Price Eyes Upside Break
This past week, Cardano’s price started a decent recovery wave from the $0.250 support zone. The bulls managed to push the price above the $0.265 and $0.272 resistance levels.
It even spiked above the $0.300 resistance. A high is formed near $0.3047 and the price is now consolidating gains, similar to Bitcoin and Ethereum. It is trading below the 23.6% Fib retracement level of the upward move from the $0.2524 swing low to the $0.3047 high.
ADA is now trading above $0.275 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.2780 on the 4-hour chart of the ADA/USD pair.
Source: ADAUSD on TradingView.com
On the upside, immediate resistance is near the $0.300 zone. The next major resistance is forming near the $0.305 zone. If there is an upside break above the $0.300 and $0.305 resistance levels, the price could start a decent increase. In the stated case, the price could even surpass the $0.320 resistance zone. The next key resistance might be $0.348, above which it could test $0.40.
Fresh Decline in ADA?
If Cardano’s price fails to climb above the $0.300 and $0.305 resistance levels, it could start another decline. Immediate support on the downside is near the $0.380 level and the trend line.
The next major support is near the $0.275 level or the 61.8% Fib retracement level of the upward move from the $0.2524 swing low to the $0.3047 high. A downside break below the $0.275 level could open the doors for a fresh decline toward $0.254. The next major support is near the $0.232 level.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.280, $0.275, and $0.254.
Major Resistance Levels – $0.300, $0.305, and $0.348.
Filed under: Bitcoin - @ June 26, 2023 5:58 am