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12/06/2023

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Cardano (ADA) Price Is Waxing Strong Above The $0.40 Resistance, Is This ADA Rally?

Cardano (ADA) is gaining pace above the $0.40 resistance.  ADA could rally if there is a clear move above the $0.432 and $0.450 resistance levels. After forming a base above the $0.3750 level, Cardano (ADA)...

Cardano (ADA) Price Is Waxing Strong Above The $0.40 Resistance, Is This ADA Rally?

Cardano (ADA) Price Is Waxing Strong Above The $0.40 Resistance, Is This ADA Rally?

  • Cardano (ADA) is gaining pace above the $0.40 resistance. 
  • ADA could rally if there is a clear move above the $0.432 and $0.450 resistance levels.

After forming a base above the $0.3750 level, Cardano (ADA) started a steady increase. 

There was a break above the $0.388 and $0.400 resistance levels, but ADA lacked momentum like Bitcoin and Ethereum.

However, the price of Cardano has climbed above the $0.420 resistance. A high was formed near $0.4293 and the price is now consolidating gains. 

It is trading above the 23.3% Fib retracement level of the upward move from the $0.3715 swing low to the $0.4293 high.

ADA is now trading above $0.415 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.410 on the 4-hour chart of the ADA/USD pair.

Cardano (ADA) is currently trading at $0.429.

Cardano Price Chart | Source: Coinstats

On the upside, immediate resistance is near the $0.4250 zone. The first resistance is near $0.432. The next key resistance might be $0.450. If there is a close above the $0.450 resistance, the price could start a strong rally. 

In the stated case, the price could rise toward the $0.50 region. Any more gains might call for a move toward $0.550.

See Also: Stacks (STX) Rallies 42% As Social Activity And Open Interest Soar

Are Dips Supported in ADA?

If Cardano’s price fails to climb above the $0.432 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.4150 level.

The next major support is near the $0.410 level and the trend line. A downside break below the $0.410 level could open the doors for a test of $0.388. The next major support is near the $0.372 level.

Technical Indicators

  • 4 hours MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.
  • 4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
  • Major Support Levels – $0.415, $0.410, and $0.388.
  • Major Resistance Levels – $0.432, $0.450, and $0.500.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

  • About author
  • Disclaimer

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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ORIGINAL SOURCE

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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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