Cardano (ADA) Price Saw Technical Breakout: Big Reaction From Bulls Imminent
Cardano’s price started a fresh increase above the $0.35 resistance. ADA rise further if it clears the $0.388 resistance zone.
- ADA price is gaining bullish momentum above the $0.350 support against the US dollar.
- The price is trading above $0.350 and the 100 simple moving average (4-hours).
- There is a key rising channel forming with support near $0.3520 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 $0.388 resistance zone.
Cardano’s ADA Price Remains In Uptrend
After forming a strong base, cardano’s price started a decent increase above the $0.320 resistance zone. The price gained pace and was able to clear the key $0.350 resistance to move into a positive zone, similar to Bitcoin and Ethereum.
The upward move gained pace above $0.350 and the price climbed above $0.380. A high is formed near $0.3876 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $0.3342 swing low to $0.3876 high.
ADA price is now trading above $0.350 and the 100 simple moving average (4-hours). There is also a key rising channel forming with support near $0.3520 on the 4-hours chart of the ADA/USD pair.
Source: ADAUSD on TradingView.com
On the upside, an immediate resistance is near the $0.375 zone. The next major resistance is forming near the $0.388 zone. If there is an upside break above the $0.385 and $0.388 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily towards the $0.42 level. An intermediate resistance might be $0.45.
If cardano’s price fails to climb above the $0.375 and $0.388 resistance levels, it could correct lower. An immediate support on the downside is near the $0.360 level.
The next major support is near the $0.352 level and the channel lower trend line. A downside break below the $0.352 level could open the doors for a fresh decline towards $0.320. The next major support is near the $0.300 level.
4-hours MACD – The MACD for ADA/USD is losing 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 – $0.360, $0.352 and $0.320.
Major Resistance Levels – $0.375, $0.388 and $0.400.