Cardano (ADA) began a further rise above the $0.30 resistance. ADA is outperforming Bitcoin and could target a move towards the $0.35 resistance.
- ADA price regained strength to surpass the $0.265 and $0.280 levels against the US Dollar.
- The price is trading above $0.30 and the 100 simple moving average (4-hours).
- A key bullish trendline is forming with support near $0.3050 on the 4-hour chart of ADA/USD (data source from Kraken).
- The pair must remain above the $0.308 support to begin further upside in the near term.
Cardano price regains strength
After a few swing moves, Cardano was able to gain strength to surpass the $0.28 resistance. It broke above the $0.30 resistance to further enter a positive zone. It is up more than 10% in two days, outperforming Bitcoin And Ethereum.
A new multi-week high formed near $0.3295 and the price is now consolidating its gains. There was a minor correction below the 23.6% Fibonacci retracement level of the upward move from the $0.2847 low to $0.3295 high.
ADA is now trading above $0.30 and the 100 simple moving average (4-hours). There is also a key bullish trendline forming with support near $0.3050 on the 4-hour chart of the ADA/USD pair. The trendline is near the 50% Fibonacci retracement level of the upward move from the $0.2847 low to $0.3295 high.
Source: ADAUSD on TradingView.com
On the upside, immediate resistance is near the $0.3280 area. The first resistance is near $0.332. The next key resistance could be $0.350. If there is a close above the $0.350 resistance, the price could extend its rally. In the indicated case, the price could increase towards the $0.385 resistance zone.
Are dips supported in ADA?
If Cardano price fails to rise above the $0.328 resistance level, it could continue to decline. Immediate support on the downside is near the $0.310 level.
The next major support is near the $0.308 level and the trendline. A downward break below the $0.308 level could open the door for a further sharp decline towards $0.285. The next major support is near the $0.274 level.
4-hour 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 above the 50 level.
Key support levels – $0.310, $0.308 and $0.285.
Major resistance levels – $0.328, $0.332 and $0.350.