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...
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.
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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