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01/24/2023

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Cardano (ADA) Price Analysis: Rally Could Accelerate Above $0.38 | Live Bitcoin News

ADA price seems to be forming a support base above the $0.35 level against the US Dollar. The price is now trading above $0.35 and the 55 simple moving average (4-hours). There was a break above a major...

Cardano (ADA) Price Analysis: Rally Could Accelerate Above $0.38 | Live Bitcoin News
  • ADA price seems to be forming a support base above the $0.35 level against the US Dollar.
  • The price is now trading above $0.35 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $0.348 on the 4-hours chart (data feed via Bitfinex).
  • The price could gain resume its increase if it clears the $0.380 and $0.388 levels.

Cardano price is showing positive signs above $0.350 against the US Dollar, similar to bitcoin. ADA price could extend its increase if it clears the $0.388 resistance.

Cardano Price Analysis

This week, cardano price started a strong increase above the $0.320 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.335 and $0.350 levels.

During the increase, there was a break above a major bearish trend line with resistance near $0.348 on the 4-hours chart. It even broke the $0.372 level and settled well above the 55 simple moving average (4-hours). It traded as high as $0.386 and recently started a downside correction.

There was a move below the $0.382 and $0.380 levels. The price declined slightly below the 23.6% Fib retracement level of the upward move from the $0.3241 swing low to $0.3866 high.

It is now trading above $0.350 and the 55 simple moving average (4-hours). 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 $0.400 level.

Any more gains above the $0.40 resistance might send the price towards the $0.42 resistance or even $0.432. On the downside, an immediate support is near the $0.370 level.

The next major support is near the $0.355 level. It is near the 50% Fib retracement level of the upward move from the $0.3241 swing low to $0.3866 high. A clear move below the $0.350 level might send the price towards the $0.332 level. Any more losses might send the price towards the $0.320 support.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.350 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.380 and $0.388 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 – $0.372 and $0.355.

Key Resistance Levels – $0.388 and $0.400.

Tags: ADA, Cardano

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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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