Cardano (ADA) Price Analysis: Rally Is Just Getting Started

ADA price is gaining pace above the $0.320 zone against the US Dollar.
The price is now trading above $0.340 and the 55 simple moving average (4 hours).
There is a major bullish trend line forming with support near $0.3540 on the 4-hour chart (data feed via Coinbase).
The price could continue to rise if it clears the $0.375 and $0.380 resistance levels.

Cardano price is rising above $0.350 against the US Dollar, like Bitcoin. ADA price could rally further if there is a clear move above the $0.3750 resistance.

This week, Cardano price started a steady increase above the $0.300 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.320 and $0.320 levels.

The bulls were able to pump the price above the $0.350 resistance. The price even spiked above the $0.375 resistance. A high is formed near $0.3758 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $0.2843 swing low to the $0.3758 high.

ADA price is still trading above $0.340 and the 55 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.3540 on the 4-hour chart.

On the upside, immediate resistance is near the $0.375 zone. The next major resistance is near the $0.380 zone. A clear move above the $0.375 resistance might start a strong increase toward $0.420. Any more gains above the $0.420 resistance might send the price toward the $0.450 resistance or even $0.465.

On the downside, immediate support is near the $0.354 level and the trend line. The next major support is near the $0.330 level or the 50% Fib retracement level of the upward move from the $0.2843 swing low to the $0.3758 high, below which the price could test $0.320.

A clear move below the $0.320 level might send the price toward the $0.305 level. Any more losses might send the price toward the $0.300 support.

The chart indicates that ADA price is now trading above $0.340 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.375 and $0.380 resistance levels.