Cardano (ADA) Price Analysis: Rally Could Gain Pace Above $0.42

Cardano price is rising above $0.3850 against the US Dollar, similar to Bitcoin. ADA price could rally if there is a clear move above the $0.420 resistance.

Cardano Price Analysis

This week, Cardano price started a steady increase above the $0.365 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.380 and $0.388 levels.

There was a clear move above the 50% Fib retracement level of the downward wave from the $0.4092 swing high to the $0.3711 low. Besides, there was a break above a major contracting triangle with resistance near $0.3910 on the 4-hours chart.

ADA price is now trading above $0.380 and the 55 simple moving average (4 hours). It is also showing positive signs above the $0.392 level. On the upside, immediate resistance is near the $0.4000 zone. It is near the 76.4% Fib retracement level of the downward wave from the $0.4092 swing high to the $0.3711 low.

The next major resistance is near the $0.4080 zone. A clear move above the $0.4080 resistance might start a strong increase toward $0.420. Any more gains above the $0.420 resistance might send the price toward the $0.445 resistance or even $0.450.

On the downside, immediate support is near the $0.392 level. The next major support is near the $0.388 level. A clear move below the $0.388 level might send the price toward the $0.380 level. Any more losses might send the price toward the $0.372 support.

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.380 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.410 and $0.420 resistance levels.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is now above the 50 level.

Key Support Levels – $0.392 and $0.388.

Key Resistance Levels – $0.408 and $0.420.

Source: Read Full Article