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07/03/2024

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Cardano (ADA) On The Rise: Exploring Upward Momentum and Bullish Prospects

Cardano price started a steady increase above the $0.400 resistance. ADA is now consolidating gains and might aim for more gains above $0.4225. ADA price started a fresh increase and traded above $0.420. The...

Cardano (ADA) On The Rise: Exploring Upward Momentum and Bullish Prospects
Cardano (ADA) On The Rise

Cardano price started a steady increase above the $0.400 resistance. ADA is now consolidating gains and might aim for more gains above $0.4225.

  • ADA price started a fresh increase and traded above $0.420.
  • The price is trading above $0.4120 and the 100-hourly simple moving average.
  • There are two key bullish trend lines forming with support at $0.4120 and $0.4080 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could start a fresh increase unless there is a close below the $0.40 support zone.

Cardano Price Gains Traction

In the past few days, Cardano started a decent increase from the $0.3800 support zone. ADA climbed above the $0.40 and $0.4050 resistance levels, outperforming Bitcoin and Ethereum.

It even cleared the $0.420 resistance and tested $0.4225. A high was formed at $0.4225 and the price is now consolidating gains. There was a move below the $0.4220 and $0.4200 support levels. The price tested the 23.6% Fib retracement level of the upward move from the $0.3782 swing low to the $0.4225 high.

ADA price is now trading below $0.4120 and the 100-hourly simple moving average. There are also two key bullish trend lines forming with support at $0.4120 and $0.4080 on the hourly chart of the ADA/USD pair.

Cardano Price
Source: ADAUSD on TradingView.com

If there is another upward move, the price might face resistance near the $0.420 zone. The first resistance is near $0.4225. The next key resistance might be $0.4450. If there is a close above the $0.4450 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.4850 region. Any more gains might call for a move toward $0.50.

Downside Correction in ADA?

If Cardano’s price fails to climb above the $0.4225 resistance level, it could continue to move down. Immediate support on the downside is near the $0.4120 level.

The next major support is near the $0.4080 level and the second trend line. A downside break below the $0.4080 level could open the doors for a test of $0.400. The next major support is near the $0.3880 level.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major Support Levels – $0.4120 and $0.4080.

Major Resistance Levels – $0.4200 and $0.4225.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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