The price of Cardano had a strong base around the $0.3050 mark. Currently, it’s on an upward trend, with potential to surpass the $0.3360 resistance level and see further growth.
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ADA price started a recovery wave from the $0.3050 level.
The price is trading above $0.320 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $0.3245 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 $0.3200 support zone.
Cardano Price Shows Signs of Steady Recovery
Following a significant drop, Cardano managed to find resistance within the $0.30 area. A minimal low was established at $0.3050, and currently, it’s making an effort to regain momentum similar to Bitcoin and Ethereum.
In simpler terms, the cost surpassed two previous resistance points ($0.3200 and $0.3220), also exceeding the 23.6% Fibonacci retracement level from the high at $0.3673 to the low at $0.3050. Additionally, it crossed a significant bearish trend line at $0.3245 on the hourly chart for Cardano (ADA) against the US dollar.
Currently, the price of Cardano is trading above $0.4220 and slightly above its 100-hour moving average. As it moves upward, potential resistance could be encountered around the $0.330 region. The first significant hurdle may appear near $0.3360 or the halfway point of the price drop from its peak at $0.3673 to its trough at $0.3050.
In simpler terms, if the price breaks through the current resistance at $0.3450, it may initiate a robust upward trend. This could potentially push the price up to around $0.3680. Further increases might indicate a potential rise towards $0.400.
Another Decline in ADA?
If Cardano’s value doesn’t manage to surpass the $0.3360 barrier, there’s a chance it may initiate another drop. The nearest potential floor in case of such a decline is approximately at $0.320.
If the price falls below the $0.3120 mark, it might lead to a potential drop towards $0.3050. However, significant support could be found at the $0.3000 level, which could encourage the buyers’ return.
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 – $0.3200 and $0.3050.
Major Resistance Levels – $0.3360 and $0.3450.
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2024-09-06 07:35