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Cardano price is attempting a recovery wave above $0.775. If ADA consolidates above the $0.3050 resistance area, it is likely to move higher.
- ADA price is slowly correcting higher above the $0.250 area against the US Dollar.
- The price is trading above $0.275 and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.2780 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
- If the pair sustains above the $0.3050 resistance area, it could start a nice rise.
Watch Cardano’s ADA price increase
Last week, cardano price started a decent recovery wave from the $0.250 support area. The bulls managed to push the price above the $0.265 and $0.272 resistance levels.
It even rose above the $0.300 resistance level. There was a formation high near $0.3047 and the price is now consolidating gains against bitcoin and ethereum. It is trading below the 23.6% Fib retracement level of the upward move from the $0.2524 low to $0.3047 high.
ADA is now trading above $0.275 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.2780 on the 4-hours chart of the ADA/USD pair.
Source: ADAUSD on Tradingview.com
On the upside, an immediate resistance is near the $0.300 area. The next major resistance is forming near the $0.305 area. If there is an upside break above the $0.300 and $0.305 resistance levels, the price could start a decent increase. In the mentioned case, the price may even overcome the $0.320 resistance area. The next major resistance could be $0.348, above which it could test $0.40.
Fresh decline in ADA?
If cardano price fails to climb above the $0.300 and $0.305 resistance levels, it could start another decline. On the downside, an immediate support is near the $0.380 level and the trend line.
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 low to $0.3047 high. A downside break below the $0.275 level could open the doors for a fresh decline towards $0.254. The next major support is near the $0.232 level.
technical indicators
4 hours 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 well below the 50 level.
Key Support Levels – $0.280, $0.275, and $0.254.
Key Resistance Levels – $0.300, $0.305, and $0.348.
