Cardano (ADA) Price Analysis: Fresh Rally If It Clears $0.38

• ADA price seems to be forming a support base above the $0.34 level against the US Dollar.
• The price is now trading above $0.35 and the 55 simple moving average (4-hours).
• There is a key bearish trend line forming with resistance near $0.375 on the 4-hours chart (data feed via Bitfinex).
• The price could gain bullish momentum if it clears the $0.380 and $0.400 levels.

Cardano price is showing positive signs above $0.350 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.380 resistance.

Cardano Price Analysis

Earlier this month, cardano price saw a minor bearish reaction below the $0.40 level against the US Dollar. The ADA/USD pair declined below the $0.350 level, but the bulls were active near the $0.320 support zone.

The price traded as low as $0.3301 and is currently correcting losses. There was a minor increase above the $0.350 resistance level. The bulls pushed the price just above the 50% Fib retracement level of the downward move from the $0.3889 swing high to $0.3301 low.

It is now trading above $0.35 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.380 zone. It is near the 76.4% Fib retracement level of the downward move from the $0.3889 swing high to $0.3301 low.

There is also a key bearish trend line forming with resistance near $0.375 on the 4-hours chart. A clear move above the $0.380 resistance might start a strong increase. The next major resistance is near the $0.400 level. A clear upside break above the $0.400 level might send the price towards the $0.450 resistance or even $0.480.

On the downside, an immediate support is near the $0.350 level. The next major support is near the $0.330 level. A clear move below the $0.330 level might send the price towards the $0.305 level. Any more losses might send the price towards the $0.288 support.

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.350 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.380 and $0.400 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 – $0.350 and $0.330.

Key Resistance Levels – $0.380 and $0.400.

Source