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Cardano (ADA) Price Analysis: Bulls Eye Fresh Rally above $0.36

Summary:
ADA price found support near %excerpt%.2780 and recovered above %excerpt%.3200 against the US Dollar.The price is now facing hurdles near %excerpt%.3500 and the 55 simple moving average (4-hours).There is a crucial contracting triangle forming with resistance near %excerpt%.3600 on the 4-hours chart (data feed via Kraken).The price is likely to start a fresh increase if it clears the key %excerpt%.3600 resistance zone.Cardano price is holding gains above %excerpt%.3200 against the US Dollar, while bitcoin is declining. ADA price is likely to surge above %excerpt%.3600 unless it breaks the %excerpt%.3300 support zone.Cardano Price AnalysisCardano price started a fresh increase after testing the %excerpt%.2780 support zone against the US Dollar. The ADA/USD pair broke the %excerpt%.3000 and %excerpt%.3200 resistance levels to move into a positive zone.There was also

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  • ADA price found support near $0.2780 and recovered above $0.3200 against the US Dollar.
  • The price is now facing hurdles near $0.3500 and the 55 simple moving average (4-hours).
  • There is a crucial contracting triangle forming with resistance near $0.3600 on the 4-hours chart (data feed via Kraken).
  • The price is likely to start a fresh increase if it clears the key $0.3600 resistance zone.

Cardano price is holding gains above $0.3200 against the US Dollar, while bitcoin is declining. ADA price is likely to surge above $0.3600 unless it breaks the $0.3300 support zone.

Cardano Price Analysis

Cardano price started a fresh increase after testing the $0.2780 support zone against the US Dollar. The ADA/USD pair broke the $0.3000 and $0.3200 resistance levels to move into a positive zone.

There was also a spike above the $0.3500 resistance and the 55 simple moving average (4-hours). However, the price struggled to continue higher above $0.3800 and a high was formed near $0.3696. It is currently correcting lower and trading below $0.3600.

There was a break below the 23.6% Fib retracement level of the recent upward move from the $0.2774 swing low to $0.3696 high. ADA is now facing hurdles near $0.3500 and the 55 simple moving average (4-hours).

There is also a crucial contracting triangle forming with resistance near $0.3600 on the 4-hours chart. The triangle support is near the $0.3300 level. The next major support is near the $0.3200 level. It is close to the 50% Fib retracement level of the recent upward move from the $0.2774 swing low to $0.3696 high.

A downside break below the $0.3300 and $0.3200 support levels may possibly spark a major decline. In the stated case, there is a risk of a drop towards the $0.3000 support zone.

Conversely, the bulls might aim an upside break above the $0.3500 and $0.3600 resistance levels. If they succeed, there are high chances of a surge towards the $0.4000 resistance level.

Cardano Price

The chart indicates that ADA price is clearly c facing hurdles near $0.3500 and the 55 simple moving average (4-hours). Overall, the price is likely to start a fresh increase if it clears the key $0.3600 resistance zone in the near term.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is currently just below the 50 level.

Key Support Levels – $0.3300 and $0.3200.

Key Resistance Levels – $0.3500 and $0.3600.

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