Cardano (ADA) Price Analysis: Bulls Aim Fresh Increase To $0.40

ADA price seems to be forming a support base above the $0.30 level against the US Dollar.
The price is now trading above $0.320 and the 55 simple moving average (4-hours).
There is a key contracting triangle forming with resistance near $0.350 on the 4-hours chart (data feed via Coinbase).
The price could gain bullish momentum if it clears the $0.350 and $0.368 levels.

Cardano price is showing positive signs above $0.320 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.350 resistance.

Cardano Price Analysis

This past week, cardano price started a steady increase from the $0.3200 zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.335 and $0.340 levels.

It even broke the $0.350 level and settled above the 55 simple moving average (4-hours). A high was formed near $0.3579 before there was a downside correction. The price traded as low as $0.3317 and is currently showing positive signs.

ADA price is now trading above $0.320 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.344 zone. It is near the 50% Fib retracement level of the downward move from the $0.3579 swing high to $0.33171 low.

The next major resistance is near the $0.350 level. There is also a key contracting triangle forming with resistance near $0.350 on the 4-hours chart. The triangle is close to the 61.8% Fib retracement level of the downward move from the $0.3579 swing high to $0.33171 low.

A clear move above the $0.350 resistance might start a strong increase. In the stated case, the price may perhaps rise towards the $0.368 resistance.

On the downside, an immediate support is near the $0.332 level. The next major support is near the $0.320 level. A clear move below the $0.320 level might send the price towards the $0.300 level. Any more losses might send the price towards the $0.280 support.

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.320 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.350 and $0.368 levels.