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Home»Analysis»Indicators suggest fresh rally to $0.38
Analysis

Indicators suggest fresh rally to $0.38

2023-07-20No Comments3 Mins Read
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Cardano price holds key support at $0.30. ADA could start a steady rise if there is a clear move above the $0.340 resistance.

  • The ADA price is showing positive signs above the $0.30 level against the US Dollar.
  • The price is trading above $0.300 and the 100 simple moving average (4 hours).
  • A major bullish trendline is forming with support near $0.295 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if there is a close above the USD 0.340 resistance.

Cardano’s ADA Price Signals New Rise

This past week, Cardano price started a downside correction from the high of $0.379. The price traded below the $0.365 and $0.340 support levels to move into a near-term bearish zone similar to Bitcoin and Ethereum.

However, the bulls were active above the $0.30 level. A low is formed near $0.3001 and the price is now rising. There was a break above the $0.320 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.379 swing high to the $0.300 low.

ADA price is now trading above $0.300 and the 100 simple moving average (4 hours). A major bullish trendline is also forming with support near $0.295 on the ADA/USD pair’s 4-hour chart.

On the upside, immediate resistance is near the $0.340 zone. It is close to the 50% Fib retracement level of the downward move from the $0.379 swing high to the $0.300 low.

Cardano's ADA Award

Source: ADAUSD at TradingView.com

The first major resistance is forming near the $0.350 zone. The next key resistance could be at $0.365. If there is a close above the $0.365 resistance, the price could start a decent rise. In the said case, the price might rise towards the $0.380 resistance zone.

See also  Crypto analyst Justin Bennett warns about Bitcoin, saying the crypto market will be 'hammered' if this happens

Are dips limited in ADA?

If the price of Cardano fails to break above the $0.340 resistance level, it could trigger another decline. Immediate support on the downside is near the $0.315 level.

The next major support is near the $0.30 level and trendline. A downside break below the $0.30 level could open the door for a sharp fresh decline towards $0.275. The next major support is near the $0.262 level.

Technical indicators

4am MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.

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

Main Support Levels – $0.315, $0.300 and $0.275.

Main resistance levels – $0.340, $0.350 and $0.365.

Source link

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