Cardano price is attempting a recovery wave above $0.775. ADA could gain bullish momentum if it settles above the $0.3050 resistance zone.
- The ADA price is slowly rising from the $0.250 zone against the US Dollar.
- The price is trading above $0.275 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $0.2780 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
- The pair could start a decent rise if it moves above the $0.3050 resistance zone.
Cardano’s ADA Price Eyes Upside Break
This past week, Cardano price started a decent recovery wave from the $0.250 support zone. The bulls managed to push the price above the $0.265 and $0.272 resistance levels.
It even spiked above the $0.300 resistance. A high is forming near $0.3047 and the price is now consolidating gains similar to Bitcoin and Ethereum. It is trading below the 23.6% Fib retracement level of the upward move from the $0.2524 swing low to the $0.3047 high.
ADA is now trading above $0.275 and the 100 simple moving average (4 hours). A major bullish trendline is also forming with support near $0.2780 on the 4-hour chart of the ADA/USD pair.
Source: ADAUSD at TradingView.com
On the upside, immediate resistance is near the $0.300 zone. The next major resistance forms near the $0.305 zone. If there is an upside break above the $0.300 and $0.305 resistance levels, the price could start a decent rise. In the said case, the price might even cross the $0.320 resistance zone. The next key resistance could be at $0.348, above which $0.40 could test.
New decline in ADA?
If the price of Cardano fails to break above the $0.300 and $0.305 resistance levels, it could trigger another decline. Immediate support on the downside is near the $0.380 level and trendline.
The next major support is near the $0.275 level or the 61.8% Fib retracement level of the upward move from the $0.2524 swing low to the $0.3047 high. A downside break below the $0.275 level could open the door for another drop towards $0.254. The next major support is near the $0.232 level.
Technical indicators
4am 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 below the 50 level.
Main Support Levels – $0.280, $0.275 and $0.254.
Key resistance levels – $0.300, $0.305 and $0.348.
