Cardano (ADA) Price Analysis: Bulls Face Key Hurdle Near $0.305
ADA price is struggling to climb above the $0.300 zone against the US Dollar.
The price is now trading near $0.282 and the 55 simple moving average (4 hours).
There is a connecting bullish trend line forming with support near $0.270 on the 4-hour chart (data feed via Coinbase).
The price could gain bullish momentum if it clears the $0.295 and $0.305 levels.
Cardano price is holding the $0.265 support against the US Dollar, similar to Bitcoin. ADA price could gain bullish momentum if it clears the $0.305 resistance.
Cardano Price Analysis
This past week, Cardano price saw a decent upward move from the $0.240 support against the US Dollar. The ADA/USD pair was able to climb above the $0.265 and $0.280 resistance levels.
However, the bears were active near the $0.300 zone. A high is formed near $0.305 and the price is now correcting gains. There was a move below the $0.288 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.2300 swing low to the $0.3050 high.
ADA is now trading near $0.282 and the 55 simple moving average (4 hours). There is also a connecting bullish trend line forming with support near $0.270 on the 4-hour chart.
On the upside, immediate resistance is near the $0.295 zone. The next major resistance is near the $0.305 level. A clear move above the $0.305 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.325 resistance or even $0.345.
On the downside, immediate support is near the $0.272 level. The next major support is near the $0.265 level. A clear move below the $0.265 level might send the price toward the $0.248 level or the 76.4% Fib retracement level of the upward move from the $0.2300 swing low to the $0.3050 high. Any more losses might send the price toward the $0.240 support, below which the bears could aim for a test of $0.230.
The chart indicates that ADA price is now trading near $0.282 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.295 and $0.305 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 – $0.272 and $0.265.
Key Resistance Levels – $0.295 and $0.305.
The post Cardano (ADA) Price Analysis: Bulls Face Key Hurdle Near $0.305 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ June 27, 2023 5:08 am