Cardano (ADA) Price Analysis: Fresh Rally Likely Above $0.30

ADA price rallied towards the $0.3500 level before correcting lower against the US Dollar. The price is now facing hurdles near $0.3000, but trading above the 55 simple moving average (4-hours). There is a major bullish trend line forming with support near $0.2200 on the 4-hours chart (data feed via Kraken). The price is likely…
The post Cardano (ADA) Price Analysis: Fresh Rally Likely Above $0.30 appeared first on Live Bitcoin News.

  • ADA price rallied towards the $0.3500 level before correcting lower against the US Dollar.
  • The price is now facing hurdles near $0.3000, but trading above the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $0.2200 on the 4-hours chart (data feed via Kraken).
  • The price is likely to continue higher once it clears the $0.3000 resistance zone in the near term.

Cardano price is recovering losses from the $0.2200 support zone against the US Dollar, similar to bitcoin. ADA price must clear the $0.3000 barrier to continue higher in the near term.

Cardano Price Analysis

Cardano price started a strong surge after it settled above the $0.2000 resistance against the US Dollar. The ADA/USD pair broke the $0.3000 resistance level and settled above the 55 simple moving average (4-hours).

There was also a break above the $0.3400 level and the price tested the $0.3500 zone. It seems like the bulls struggled to retain strength above $0.3400, resulting in a sharp decline. There was a nasty decline of over 20% and the price broke the $0.3000 support.

There was also a break below the $0.2500 level and the 55 simple moving average (4-hours). However, the price remained well bid above the $0.2200 zone. There is also a major bullish trend line forming with support near $0.2200 on the 4-hours chart.

A swing low is formed near $0.2279 before the price started recovering losses. It broke the $0.2500 resistance level. There was a clear break above the 23.6% Fib retracement level of the recent decline from the $0.3422 high to $0.2279 low.

The price is now facing hurdles near $0.3000, but trading above the 55 simple moving average (4-hours). The 50% Fib retracement level of the recent decline from the $0.3422 high to $0.2279 low is acting as a strong resistance near the $0.2850 zone.

A clear break above the $0.3000 resistance zone could open the doors for a fresh rally. In the stated case, the price is likely to continue higher towards the $0.3400 zone.

Conversely, the price could correct again from $0.3000. An initial support is near the $0.2750 level and the 55 simple moving average (4-hours). The main support is now forming near the $0.2200 zone.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is clearly attempting an upside break above $0.3000 and it is above the 55 simple moving average (4-hours). Overall, the price is likely to continue higher once it clears the $0.3000 resistance zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is gaining pace in the bullish zone.

4 hours RSI – The RSI for ADA/USD is currently close to the 55 level.

Key Support Levels – $0.2750 and $0.2500.

Key Resistance Levels – $0.3000 and $0.3400.

The post Cardano (ADA) Price Analysis: Fresh Rally Likely Above $0.30 appeared first on Live Bitcoin News.

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