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12/06/2023

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ADA Price Claims $0.40 And Recovery Could Soon Turn Into Rally

Cardano (ADA) is gaining pace above the $0.40 resistance. ADA could rally if there is a clear move above the $0.432 and $0.450 resistance levels. ADA price is moving higher above the $0.400 pivot level. The...

ADA Price Claims $0.40 And Recovery Could Soon Turn Into Rally

Cardano (ADA) is gaining pace above the $0.40 resistance. ADA could rally if there is a clear move above the $0.432 and $0.450 resistance levels.

  • ADA price is moving higher above the $0.400 pivot level.
  • The price is trading above $0.415 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.410 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
  • The pair could accelerate higher toward the $0.500 level or even $0.550.

Cardano Price Starts Steady Increase

After forming a base above the $0.3750 level, Cardano started a steady increase. There was a break above the $0.388 and $0.400 resistance levels, but ADA lagged momentum like Bitcoin and Ethereum.

The price even climbed above the $0.420 resistance. A high was formed near $0.4293 and the price is now consolidating gains. It is trading above the 23.3% Fib retracement level of the upward move from the $0.3715 swing low to the $0.4293 high.

ADA is now trading above $0.415 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.410 on the 4-hour chart of the ADA/USD pair.

ADA Price

Source: ADAUSD on TradingView.com

On the upside, immediate resistance is near the $0.4250 zone. The first resistance is near $0.432. The next key resistance might be $0.450. If there is a close above the $0.450 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.50 region. Any more gains might call for a move toward $0.550.

Are Dips Supported in ADA?

If Cardano’s price fails to climb above the $0.432 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.4150 level.

The next major support is near the $0.410 level and the trend line. A downside break below the $0.410 level could open the doors for a test of $0.388. The next major support is near the $0.372 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major Support Levels – $0.415, $0.410, and $0.388.

Major Resistance Levels – $0.432, $0.450, and $0.500.

Aayush Jindal

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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