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10/24/2023

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Cardano (ADA) Price Analysis: More Gains Seems Likely Above $0.30 | Live Bitcoin News

ADA price is showing positive signs above the $0.278 zone against the US Dollar. The price is now trading above $0.280 and the 55 simple moving average (4 hours). There was a break above a major bearish trend...

Cardano (ADA) Price Analysis: More Gains Seems Likely Above $0.30 | Live Bitcoin News
  • ADA price is showing positive signs above the $0.278 zone against the US Dollar.
  • The price is now trading above $0.280 and the 55 simple moving average (4 hours).
  • There was a break above a major bearish trend line with resistance near $0.2520 on the 4-hour chart (data feed via Coinbase).
  • The price could gain bullish momentum if it clears the $0.290 and $0.300 resistance levels.

Cardano price is rising above $0.278 against the US Dollar, like Bitcoin. ADA price could rally if there is a clear move above the $0.3005 resistance.

This week, Cardano price started a steady increase above the $0.250 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.255 and $0.265 levels.

Besides, there was a break above a major bearish trend line with resistance near $0.2520 on the 4-hour chart. The bulls were able to pump the price toward the $0.288 resistance. However, the bears appeared near $0.290. A high is formed near $0.2899 and the price is now consolidating gains.

It is trading well above the 23.6% Fib retracement level of the upward move from the $0.2400 swing low to the $0.2899 high. ADA price is still trading above $0.280 and the 55 simple moving average (4 hours).

It is also showing positive signs above the same trend line. On the upside, immediate resistance is near the $0.290 zone. The next major resistance is near the $0.300 zone.

A clear move above the $0.300 resistance might start a strong increase toward $0.320. Any more gains above the $0.320 resistance might send the price toward the $0.335 resistance or even $0.350.

On the downside, immediate support is near the $0.278 level. The next major support is near the $0.268 level or the 50% Fib retracement level of the upward move from the $0.2400 swing low to the $0.2899 high. A clear move below the $0.268 level might send the price toward the $0.255 level. Any more losses might send the price toward the $0.250 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.280 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.290 and $0.300 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 – $0.278 and $0.268.

Key Resistance Levels – $0.290 and $0.300.

AD

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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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