Cardano (ADA) Price Analysis: Bulls Aim Fresh Increase Above $0.28

• ADA price seems to be forming a support base above the $0.24 level against the US Dollar.
• The price is now trading above $0.250 and the 55 simple moving average (4-hours).
• There is a key bearish trend line forming with resistance near $0.270 on the 4-hours chart (data feed via Bitfinex).
• The price could gain bullish momentum if it clears the $0.270 and $0.30 levels.

Cardano price is showing positive signs above $0.250 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.270 resistance.

Cardano Price Analysis

This past week, cardano price started a steady increase from the $0.2380 zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.245 and $0.250 levels.

It even broke the $0.260 level and settled above the 55 simple moving average (4-hours). There was a clear move above the 23.6% Fib retracement level of the downward move from the $0.3200 swing high to $0.2391 low. It is now showing positive signs above the $0.2600 level.

The price is trading above $0.260 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.265 zone.

The next major resistance is near the $0.270 level. There is also a key bearish trend line forming with resistance near $0.270 on the 4-hours chart. A clear move above the $0.270 resistance might start a strong increase. In the stated case, the price may perhaps rise towards the $0.300 resistance.

An intermediate resistance might be near the 50% Fib retracement level of the downward move from the $0.3200 swing high to $0.2391 low. On the downside, an immediate support is near the $0.250 level. The next major support is near the $0.240 level.

A clear move below the $0.240 level might send the price towards the $0.220 level. Any more losses might send the price towards the $0.200 support.

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.250 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.270 and $0.300 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 – $0.250 and $0.240.

Key Resistance Levels – $0.270 and $0.300.

Source