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Home»Analysis»Cardano (ADA) Jumps 10%: Is a $0.50 Retest on the Horizon?
Analysis

Cardano (ADA) Jumps 10%: Is a $0.50 Retest on the Horizon?

2024-09-25No Comments3 Mins Read
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Cardano price started a decent rise above the USD 0.3620 resistance. ADA is now showing positive signs and could rise further towards USD 0.420.

  • ADA price started a recovery wave from the $0.3420 level.
  • The price is trading above USD 0.380 and the 100-hour moving average.
  • A major bullish trendline is forming with support at $0.3810 on the hourly chart of the ADA/USD pair (Kraken data source).
  • The pair could continue to rise if it holds steady above the $0.3800 support zone.

Cardano price starts steady increase

After forming a base above the USD 0.3420 level, Cardano started a decent rise. There was a decent move above the USD 0.3550 and USD 0.3650 resistance levels, like that of Bitcoin and Ethereum.

The bulls even pushed the price above the USD 0.380 resistance. A high was reached at $0.3938 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $0.3432 swing low to the $0.3938 high.

Cardano price is now trading above $0.380 and the 100-hourly moving average. There is also a major bullish trendline forming with support at $0.3810 on the hourly chart of the ADA/USD pair.

Cardano (ADA)

On the upside, the price could encounter resistance near the $0.3900 zone. The first resistance is near $0.3940. The next major resistance could be at USD 0.4200. If there is a close above the USD 0.4200 resistance, the price could start a strong rally. In the said case, the price could rise towards the $0.450 region. Further gains could require a move towards $0.500.

See also  Could the SEC vs. Ripple Case Possibly Replace the Howey Test? Founder of Cardano suggests

Are dips supported in ADA?

If Cardano price fails to rise above the USD 0.3900 resistance level, it could trigger another decline. The immediate downside support is near the $0.380 level and the trendline.

The next major support is near the $0.3650 level or the 50% Fib retracement level of the upward move from the $0.3432 swing low to the $0.3938 high. A downside break below the USD 0.3650 level could open the doors for a test of USD 0.3550. The next major support is near the $0.3420 level, where the bulls could emerge.

Technical indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major support levels – USD 0.3800 and USD 0.3650.

Major resistance levels – $0.3900 and $0.4200.

Source link

ADA Cardano Horizon jumps Retest
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