Cardano (ADA) Price Analysis: This Support Might Trigger Bullish Wave
ADA price is attempting a fresh increase above the $0.250 zone against the US Dollar.
The price is now trading above $0.250 and the 55 simple moving average (4 hours).
There is a key rising channel forming with support near $0.2485 on the 4-hour chart (data feed via Coinbase).
The price could gain bullish momentum if it clears the $0.2550 and $0.2580 levels.
Cardano price is holding the $0.250 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.258 resistance.
Cardano Price (ADA) Analysis
This past week, Cardano price started a fresh decline from well above the $0.2600 zone against the US Dollar. The ADA/USD pair declined below the $0.2580 and $0.2550 support levels.
It tested the $0.2425 zone. A low was formed near $0.2424 and the price recently started a fresh increase. There was a move above the $0.248 and $0.250 resistance levels. The price even spiked above the 50% Fib retracement level of the downward move from the $0.2672 swing high to the $0.2424 low.
ADA price is now trading above $0.250 and the 55 simple moving average (4 hours). There is also a key rising channel forming with support near $0.2485 on the 4-hour chart.
On the upside, immediate resistance is near the $0.2550 zone. The next major resistance is near the $0.258 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.2672 swing high to the $0.2424 low.
A clear move above the $0.258 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.265 resistance or even $0.272 in the near term.
On the downside, immediate support is near the $0.250 level. The next major support is near the $0.248 level or the 55 simple moving average (4 hours).
A clear move below the $0.248 level might send the price toward the $0.2420 level. Any more losses might send the price toward the $0.225 support, below which the bears could aim for a test of $0.212.
The chart indicates that ADA price is now trading above $0.250 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.2550 and $0.2580 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 – $0.250 and $0.248.
Key Resistance Levels – $0.2550 and $0.2580.
The post Cardano (ADA) Price Analysis: This Support Might Trigger Bullish Wave appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ October 17, 2023 5:58 am