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02/09/2024

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ADA Price Is Primed For A Rally And Only 1 Thing Is Holding It Back

Cardano (ADA) is attempting a fresh increase from the $0.4720 zone. ADA could start a fresh rally if there is a close above the $0.5350 resistance. ADA price is moving higher above the $0.500 zone. The price...

ADA Price Is Primed For A Rally And Only 1 Thing Is Holding It Back

Cardano (ADA) is attempting a fresh increase from the $0.4720 zone. ADA could start a fresh rally if there is a close above the $0.5350 resistance.

  • ADA price is moving higher above the $0.500 zone.
  • The price is trading above $0.512 and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $0.510 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
  • The pair could accelerate higher if there is a clear move above $0.535 and $0.550.

Cardano Price Eyes Fresh Increase

After forming a base above the $0.4720 level, Cardano started a fresh increase. ADA price was able to climb above the $0.485 and $0.500 resistance levels to move into a positive zone, like Bitcoin and Ethereum.

There was a break above a key bearish trend line with resistance near $0.510 on the 4-hour chart of the ADA/USD pair. The bulls pushed the pair above the $0.520 resistance zone. However, the bears are now active near the $0.535 resistance zone.

ADA price is now trading above $0.512 and the 100 simple moving average (4 hours). It is also above the 23.6% Fib retracement level of the recent increase from the $0.4718 swing low to the $0.5354 high.

ADA Price

Source: ADAUSD on TradingView.com

On the upside, immediate resistance is near the $0.535 zone. The first resistance is near $0.545 and $0.550. The next key resistance might be $0.565. If there is a close above the $0.565 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.600 region. Any more gains might call for a move toward $0.620.

Another Decline in ADA?

If Cardano’s price fails to climb above the $0.535 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.520 level.

The next major support is near the $0.5040 level or the 50% Fib retracement level of the recent increase from the $0.4718 swing low to the $0.5354 high. A downside break below the $0.5040 level could open the doors for a test of $0.485. The next major support is near the $0.4720 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 above the 50 level.

Major Support Levels – $0.520, $0.5040, and $0.4720.

Major Resistance Levels – $0.5350, $0.550, and $0.600.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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