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03/13/2023

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Cardano (ADA) Price Rally Reaches Crucial Juncture, $0.35 Is The Key

Cardano’s price started a fresh increase above the $0.32 resistance. ADA rise further if it clears the $0.350 resistance zone. ADA price is gaining bullish momentum above the $0.320 support against the US...

Cardano (ADA) Price Rally Reaches Crucial Juncture, $0.35 Is The Key

Cardano’s price started a fresh increase above the $0.32 resistance. ADA rise further if it clears the $0.350 resistance zone.

  • ADA price is gaining bullish momentum above the $0.320 support against the US dollar.
  • The price is trading above $0.320 and the 100 simple moving average (4-hours).
  • There is a crucial bearish trend line forming with resistance near $0.348 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
  • The pair could continue to move up if it clears the $0.35 resistance zone.

Cardano’s Price Surges 10%

After a steady decline, cardano’s price found support near the $0.298 zone. The price traded as low as $0.2979 and recently started a decent increase.

There was a clear move above the $0.315 and $0.320 resistance levels. The bulls pumped the price above the 23.36% Fib retracement level of the main drop from the $0.4213 swing high to $0.2979 low. The price even surpassed the $0.3300 resistance zone.

ADA price is now trading above $0.320 and the 100 simple moving average (4-hours). Today, the price is up around 10% and showing positive signs, similar to bitcoin and ethereum.

On the upside, an immediate resistance is near the $0.348 zone. There is also a crucial bearish trend line forming with resistance near $0.348 on the 4-hours chart of the ADA/USD pair. The next major resistance is forming near the $0.36 zone. It is near the 50% Fib retracement level of the main drop from the $0.4213 swing high to $0.2979 low.

Cardano’s ADA Price

Source: ADAUSD on TradingView.com

If there is an upside break above the $0.350 and $0.360 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily towards the $0.40 level. An intermediate resistance might be $0.42.

Dips Limited in ADA?

If cardano’s price fails to climb above the $0.348 and $0.350 resistance levels, it could start a fresh decline. An immediate support on the downside is near the $0.330 level.

The next major support is near the $0.320 level. A downside break below the $0.320 level could open the doors for a fresh decline towards $0.300. The next major support is near the $0.288 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 – $0.330, $0.320 and $0.300.

Major Resistance Levels – $0.348, $0.350 and $0.360.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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ORIGINAL SOURCE

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