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07/20/2023

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ADA Price Holds Strong At $0.30: Indicators Suggest Fresh Rally To $0.38

Cardano’s price is holding the key support at $0.30. ADA could start a steady increase if there is a clear move above the $0.340 resistance. ADA price is showing positive signs above the $0.30 level against...

ADA Price Holds Strong At $0.30: Indicators Suggest Fresh Rally To $0.38

Cardano’s price is holding the key support at $0.30. ADA could start a steady increase if there is a clear move above the $0.340 resistance.

  • ADA price is showing positive signs above the $0.30 level against the US dollar.
  • The price is trading above $0.300 and the 100 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $0.295 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if there is a close above the $0.340 resistance.

Cardano’s ADA Price Signals Fresh Increase

This past week, Cardano’s price started a downside correction from the $0.379 high. The price traded below the $0.365 and $0.340 support levels to move into a short-term bearish zone, similar to Bitcoin and Ethereum.

However, the bulls were active above the $0.30 level. A low is formed near $0.3001 and the price is now rising. There was a break above the $0.320 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.379 swing high to the $0.300 low.

ADA price is now trading above $0.300 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.295 on the 4-hour chart of the ADA/USD pair.

On the upside, immediate resistance is near the $0.340 zone. It is close to the 50% Fib retracement level of the downward move from the $0.379 swing high to the $0.300 low.

Cardano’s ADA Price

Source: ADAUSD on TradingView.com

The first major resistance is forming near the $0.350 zone. The next key resistance might be $0.365. If there is a close above the $0.365 resistance, the price could start a decent increase. In the stated case, the price could rise toward the $0.380 resistance zone.

Are Dips Limited in ADA?

If Cardano’s price fails to climb above the $0.340 resistance level, it could start another decline. Immediate support on the downside is near the $0.315 level.

The next major support is near the $0.30 level and the trend line. A downside break below the $0.30 level could open the doors for a sharp fresh decline toward $0.275. The next major support is near the $0.262 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 – $0.315, $0.300, and $0.275.

Major Resistance Levels – $0.340, $0.350, and $0.365.

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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ORIGINAL SOURCE

https://www.newsbtc.com/analysis/ada/ada...

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