ADA price is correcting gains from the %excerpt%.270 zone against the US Dollar. The price is now trading above %excerpt%.250 and the 55 simple moving average (4 hours). There is a key bullish trend line forming with support near %excerpt%.256 on the 4-hours chart (data feed via Coinbase). The price could start a fresh increase if it clears the %excerpt%.265 and %excerpt%.270 resistance levels. Cardano’s price is rising above %excerpt%.255 against the US Dollar, similar to Bitcoin. ADA price could resume its rally if there is a clear move above the %excerpt%.270 resistance. Cardano Price (ADA) Analysis This past week, Cardano’s price started a steady increase above the %excerpt%.250 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the %excerpt%.255 and %excerpt%.262 levels. The price tested the
Topics:
Aayush Jindal considers the following as important: ADA, Altcoin News, Cardano, News, Trading
This could be interesting, too:
Wayne Jones writes Argentina’s Mining Sector Pioneers Lithium Tokenization by Tapping Cardano
Bilal Hassan writes Morocco to Become First Developing Country with Clear Crypto Regulations
Bilal Hassan writes Cryptopia Liquidators Distribute 0 Million to Victims of 2019 Hack
Bilal Hassan writes Mo Shaikh Steps Down as CEO of Aptos Labs to Start New Chapter
- ADA price is correcting gains from the $0.270 zone against the US Dollar.
- The price is now trading above $0.250 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.256 on the 4-hours chart (data feed via Coinbase).
- The price could start a fresh increase if it clears the $0.265 and $0.270 resistance levels.
Cardano’s price is rising above $0.255 against the US Dollar, similar to Bitcoin. ADA price could resume its rally if there is a clear move above the $0.270 resistance.
Cardano Price (ADA) Analysis
This past week, Cardano’s price started a steady increase above the $0.250 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.255 and $0.262 levels.
The price tested the $0.270 zone. A high was formed near $0.2697 and the price is now correcting lower. There was a move below the $0.2650 support zone. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.2405 swing low to the $0.2607 high.
However, ADA price is now trading above $0.256 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.2650 zone.
The next major resistance is near the $0.270 zone. A clear move above the $0.270 resistance might start a strong increase toward $0.285. Any more gains above the $0.285 resistance might send the price toward the $0.300 resistance or even $0.325.
On the downside, immediate support is near the $0.256 level. There is also a key bullish trend line forming with support near $0.256 on the 4-hours chart.
The next major support is near the $0.255 level. It is near the 50% Fib retracement level of the upward move from the $0.2405 swing low to the $0.2607 high. A clear move below the $0.255 level might send the price toward the $0.232 level. Any more losses might send the price toward the $0.220 support.
The chart indicates that ADA price is now trading above $0.255 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.265 and $0.270 resistance levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $0.255 and $0.240.
Key Resistance Levels – $0.2650 and $0.270.