Cardano (ADA) Price Analysis: Key Breakout Looms At $0.40
Cardano price is rising above $0.3800 against the US Dollar, similar to bitcoin. ADA price could rally if there is a clear move above the $0.400 resistance.
Cardano Price Analysis
This week, cardano price started a steady increase above the $0.350 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.362 and $0.380 levels.
There was a clear move above the 50% Fib retracement level of the downward move from the $0.4093 swing high to the $0.3711 low. It even broke the $0.380 level and settled well above the 55 simple moving average (4-hours).
The price is now trading above $0.388 and the 55 simple moving average (4-hours). On the upside, immediate resistance is near the $0.3950 zone. There is also a key contracting triangle forming with resistance near $0.3980 on the 4-hours chart.
The next major resistance is near the $0.4000 zone. It is near the 76.4% Fib retracement level of the downward move from the $0.4093 swing high to the $0.3711 low.
A clear move above the $0.4000 resistance might start a strong increase towards $0.420. Any more gains above the $0.420 resistance might send the price towards the $0.432 resistance or even $0.450.
On the downside, an immediate support is near the $0.385 level. The next major support is near the $0.380 level. A clear move below the $0.380 level might send the price towards the $0.372 level. Any more losses might send the price towards the $0.350 support.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.350 and the 55 simple moving average (4-hours). Overall, the price could resume its increase if it stays above the $0.380 and $0.370 support levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $0.380 and $0.370.
Key Resistance Levels – $0.398 and $0.400.
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