Cardano (ADA) Price Analysis: Bulls In Control Above $0.35

ADA price seems to be in a bullish zone above the $0.35 level against the US Dollar.
The price is now trading above $0.36 and the 55 simple moving average (4-hours).
There is a key rising channel forming with support near $0.368 on the 4-hours chart (data feed via Bitfinex).
The price could gain resume its increase if it clears the $0.380 and $0.392 levels.

Cardano price is showing positive signs above $0.355 against the US Dollar, similar to bitcoin. ADA price could extend its increase if it clears the $0.392 resistance.

Cardano Price Analysis

This week, cardano price started a strong increase above the $0.350 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.365 and $0.380 levels.

It even broke the $0.392 level and settled well above the 55 simple moving average (4-hours). It traded as high as $0.400 and recently started a downside correction. There was a move below the $0.392 and $0.388 levels. The price declined below the 50% Fib retracement level of the upward move from the $0.3473 swing low to $0.400 high.

It is now trading above $0.360 and the 55 simple moving average (4-hours). There is also a key rising channel forming with support near $0.368 on the 4-hours chart.

On the upside, an immediate resistance is near the $0.380 zone. A clear move above the $0.380 resistance might start a strong increase. The next major resistance is near the $0.392 level. Any more gains above the $0.392 resistance might send the price towards the $0.412 resistance or even $0.435.

On the downside, an immediate support is near the $0.370 level and the channel trend line. It is close to the 61.8% Fib retracement level of the upward move from the $0.3473 swing low to $0.400 high.

The next major support is near the $0.3338 level. A clear move below the $0.338 level might send the price towards the $0.312 level. Any more losses might send the price towards the $0.300 support.

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.36 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.380 and $0.392 levels.