Image default
Cryptocurrency

Cardano Price (ADA) Breaking This Single Level Could Spark Fresh Rally


Key Takeaways:

  • ADA price is attempting an upside break above the $0.374 resistance zone.
  • It faces a key bearish trend line with resistance near $0.375 on the 4-hour chart.
  • The price must clear $0.375 and $0.380 to start a new rally.

Cardano cryptocurrencies and graph statistic background

Read CoinChapter.com on Google News

NEW DELHI (CoinChapter.com) — Cardano’s ADA is slowly moving higher toward the $0.375 resistance. It could start a steady increase if there is a close above $0.375.

Cardano Price Eyes Upside Break

ADA started a fresh decline from the $0.386 resistance against the US Dollar this past week. The price declined below the $0.380 support to move into a bearish zone.

It tested the $0.3620 support. A low was formed near $0.3612, and the price is now attempting a new increase, similar to Ethereum. There was a break above the 50 simple moving average (4 hours, blue) and $0.365.  

Cardano’s 4-hours price chart
Cardano’s 4-hours price chart | Source: ADAUSD on TradingView.com

The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $0.3863 swing high to the $0.3613 low.

On the upside, ADA faces strong resistance near the $0.345 level. There is also a key bearish trend line with resistance near $0.375 on the 4-hour chart. In addition, the trend line is close to the 50% Fib retracement level of the downward move from the $0.3863 swing high to the $0.3613 low.

If there is a break above the trend line resistance, the price could test the $0.380 resistance. To start a fresh rally, Cardano must settle above $0.380.

In the stated case, ADA might rise toward the $0.40 resistance. The next key resistance might be near the $0.420 level, above which the price could test $0.432. Finally, any more gains might send the price toward $0.45.

Another Drop in ADA?

If there is no move above the $0.38 resistance, the price might start another decline. On the downside, ADA price might find support near the $0.370 zone and the 50 simple moving average (4 hours, blue).

The first major support sits near the $0.362 level. The next major support is near $0.356. A downside break and close below the $0.356 support could spark strong bearish moves in Cardano. The price might drop toward the $0.320 support in the stated case.

ADA is approaching major breakout resistance at $0.375 and $0.380. A close above $0.380 could start a fresh surge. Conversely, there could be another decline toward the $0.362 support soon.

The post Cardano Price (ADA) Breaking This Single Level Could Spark Fresh Rally appeared first on CoinChapter.

Source link



Source link

Related posts

SBF’s Wealth Suffers an Estimated 94% Drop After FTX Fiasco: Bloomberg

Elaine Watlington

Read this before you grab Bitcoin ahead of the next bull run

Elaine Watlington

Market in Shambles as FTX Withdrawal Uncertainty Runs Rampant

Elaine Watlington

Congressional Stablecoin Bill Still Reeks of Sam Bankman-Fried, Democrats Say

Elaine Watlington

Portugal Looking to Tax Short-Term Crypto Gains From Next Year

Elaine Watlington

NFTs Said to Be Used in Shanghai to Record COVID-19 Lockdown, Combat Censorship

Elaine Watlington

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More