As a researcher with extensive experience in the cryptocurrency market, I’ve closely observed Cardano’s price action over the past few days. Based on my analysis of the current trend, I believe that Cardano is poised for a steady increase above its current resistance at $0.40.
The price of Cardano has been steadily climbing above the $0.3850 resistance mark. If it manages to finish the current trading period above $0.40, this could ignite a surge in ADA‘s value.
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ADA price started a fresh increase and traded above $0.3880.
The price is trading above $0.390 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.3935 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could gain bullish momentum if it closes above the $0.40 zone.
Cardano Price Eyes Steady Increase
Over the last several interactions, the price of Cardano has begun to rise steadily from its support at $0.3350. The cryptocurrency surpassed the resistance levels of $0.350 and $0.3650, following a similar trend observed in Bitcoin and Ethereum.
The price surpassed the $0.3880 resistance and reached as high as $0.4050. A new peak was established at $0.4047, and currently, the market is experiencing consolidation. Previously, there were brief dips below the support of $0.400 and $0.3980. The price touched the 23.6% Fibonacci retracement level derived from the upward trend that began at $0.3577 and peaked at $0.4047.
As a researcher studying the cryptocurrency market, I’ve observed that the current price of Cardano (ADA) has surpassed the $0.380 mark and lies above the 100-hour simple moving average. Furthermore, an emerging bullish trend line is taking shape on the hourly chart for ADA/USD pair, providing support at approximately $0.3935.
Should the price continue to climb, it may encounter resistance around the $0.400 mark for the first time. The subsequent resistance levels are located at $0.4050 and $0.4250. If the price manages to break above $0.4250, a significant rally could follow, potentially pushing the price upwards towards the $0.450 region. Any further gains might necessitate a move towards $0.4650.
Downside Correction in ADA?
If the price of Cardano doesn’t manage to surpass the $0.400 resistance point, there’s a risk that it might initiate a decline instead. The nearest support for this cryptocurrency lies around the $0.3960 mark and the trendline.
The next major support is near the $0.3810 level and the 50% Fib retracement level of the upward move from the $0.3577 swing low to the $0.4047 high. A downside break below the $0.3810 level could open the doors for a test of $0.3750. The next major support is near the $0.350 level.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major Support Levels – $0.3960 and $0.3810.
Major Resistance Levels – $0.4000 and $0.4050.
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2024-07-12 07:52