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03/12/2024

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Cardano (ADA) Price Analysis: Bulls Aims For $1 | Live Bitcoin News

ADA price is gaining pace above the $0.720 zone against the US Dollar. The price is now trading above $0.732 and the 55 simple moving average (4 hours). There was a break above a key bearish trend line with...

Cardano (ADA) Price Analysis: Bulls Aims For $1 | Live Bitcoin News
  • ADA price is gaining pace above the $0.720 zone against the US Dollar.
  • The price is now trading above $0.732 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance at $0.7220 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to rise if it clears the $0.7880 and $0.800 resistance levels.

Cardano price is rising above $0.720 against the US Dollar, like Bitcoin. ADA price could rally further if there is a clear move above the $0.80 resistance.

This week, Cardano price started a steady increase above the $0.705 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.720 and $0.732 levels.

There was a break above a key bearish trend line with resistance at $0.7220 on the 4-hour chart. The bulls were able to pump the price above the $0.750 resistance. The price even spiked above the $0.780 resistance. A high is formed near $0.7884 and the price is now consolidating gains.

It is trading well above the 23.6% Fib retracement level of the upward move from the $0.5800 swing low to the $0.7884 high. ADA price is also trading above $0.750 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.7880 zone. The next major resistance is near the $0.80 zone. A clear move above the $0.80 resistance might start a strong increase toward $0.8320. Any more gains above the $0.8320 resistance might send the price toward the $0.850 resistance or even $0.880.

On the downside, immediate support is near the $0.7380 level. The next major support is near the $0.6880 level or the 50% Fib retracement level of the upward move from the $0.5800 swing low to the $0.7884 high, below which the price could test $0.6280.

A clear move below the $0.6280 level might send the price toward the $0.600 level. Any more losses might send the price toward the $0.5850 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.720 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.7880 and $0.800 resistance levels.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is now above the 50 level.

Key Support Levels – $0.7380 and $0.6880.

Key Resistance Levels – $0.7880 and $0.800.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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