Cardano (ADA) has recently experienced a significant increase in price, surpassing the $0.30 resistance level. ADA has been performing better than Bitcoin and Ethereum, leading to speculation that it could reach the $0.35 resistance level in the near future.
The ADA price has shown a strong recovery, surpassing the $0.265 and $0.280 levels against the US dollar. Currently, the price is trading above $0.30 and the 100 simple moving average on the 4-hour chart. This indicates a positive trend for ADA.
A key bullish trend line is forming with support near $0.3050 on the ADA/USD pair’s 4-hour chart. This provides additional evidence of potential upward movement in the price. To sustain this bullish momentum, it is crucial for the pair to remain above the $0.308 support level.
Cardano’s recent increase in strength can be observed in its outperformance compared to Bitcoin and Ethereum. Over the course of just two days, ADA has gained over 10%, highlighting its potential for growth in the market.
Related Post
The recent surge in price has led to the formation of a new multi-week high near $0.3295. Currently, the price is consolidating these gains and experiencing a minor correction. However, ADA remains above the $0.30 level and the 100 simple moving average on the 4-hour chart, indicating continued positive momentum.
In terms of resistance levels, ADA faces immediate resistance near $0.3280, followed by $0.3320. The key resistance level to watch out for is $0.350. If the price manages to surpass this resistance, it could extend its rally and potentially rise towards the $0.385 resistance zone.
On the other hand, if ADA fails to break above the $0.328 resistance level, it may experience a downward movement. In this scenario, immediate support can be expected near the $0.310 level. The next major support level is near $0.308, which coincides with the trend line mentioned earlier. A break below this level could lead to a substantial decline towards $0.285. The following major support level is located around $0.274.
Analyzing the technical indicators, the 4-hour MACD for ADA/USD shows a loss of momentum in the bullish zone. However, the 4-hour RSI (Relative Strength Index) is currently above the 50 level, indicating a positive sentiment.
In summary, Cardano (ADA) has gained substantial strength recently, surpassing key resistance levels and outperforming Bitcoin and Ethereum. With the ongoing positive trend and the formation of a bullish trend line, ADA could potentially aim for a move towards the $0.35 resistance level. However, it is important for ADA to maintain support above the $0.308 level to sustain its upward momentum.
