Initially, the price of Cardano surged past the $0.340 barrier, indicating an upward trend. Currently, it appears that Cardano (ADA) is displaying favorable signals and could potentially climb higher, possibly reaching around $0.380.
- ADA price started a recovery wave from the $0.3220 level.
The price is trading above $0.350 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $0.3430 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could continue to move up if it remains stable above the $0.3440 support zone.
Cardano Price Starts Steady Increase
Following the establishment of a foundation at $0.330, Cardano experienced a notable upward trend. It successfully surpassed the resistance levels of $0.3350 and $0.340, much like Bitcoin and Ethereum did.
Additionally, a break occurred above a significant bearish trend line, which offered resistance at approximately $0.3430 on the hourly chart of the ADA/USD pair. The pair even reached beyond $0.350. A peak was established at $0.3587, and now the price is stabilizing after its upward surge.
Currently, the price of Cardano has risen beyond the 23.6% Fibonacci retracement level from its swing low at $0.3300 to its high at $0.3587. At this moment, it’s trading above $0.350 and is also above the 100-hour moving average.
As a crypto investor, I’m optimistic about potential growth. The price could encounter resistance around the $0.3580 mark initially. A more significant hurdle lies at $0.3620, followed by another crucial one at $0.3650. If we manage to close above the $0.3650 barrier, it might trigger a robust surge. In such a scenario, the price could climb toward the $0.380 region. Further gains may even propel us towards the $0.400 zone.
Are Dips Supported in ADA?
Should the value of Cardano not manage to surpass the $0.3580 barrier, there’s a possibility it might initiate another drop. A potential floor in this case would be around $0.350.
As an analyst, I’m suggesting that the next significant support for our analysis lies around the $0.3440 mark or the 50% Fibonacci retracement point of the upward swing from the $0.3300 low to the $0.3587 high. A potential breakdown below this level could lead us towards a test at $0.330. However, should we breach $0.3440, the potential bulls might re-emerge near the $0.320 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 – $0.3500 and $0.3440.
Major Resistance Levels – $0.3580 and $0.3650.
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2024-09-12 09:40