Cardano Price Continues to Rise
After finding support above the $0.3750 level, Cardano has been steadily increasing in price. It has surpassed several resistance levels, including $0.388 and $0.400, although its momentum is not as strong as Bitcoin and Ethereum.
The price has even climbed above the $0.420 resistance level and is currently consolidating its gains. It is trading above the 23.3% Fibonacci retracement level of the upward movement from the $0.3715 swing low to the $0.4293 high.
ADA is currently trading above $0.415 and the 100 simple moving average (4 hours). There is also a significant bullish trend line forming with support near $0.410 on the 4-hour chart of the ADA/USD pair.
On the upside, immediate resistance is expected near the $0.4250 zone, followed by $0.432. The next key resistance level could be around $0.450. If the price manages to close above this resistance level, it could initiate a strong rally towards the $0.50 region, and potentially even reach $0.550.
Dips Supported in ADA?
If Cardano’s price fails to surpass the $0.432 resistance level, it may experience a downside correction. The first immediate support on the downside is near the $0.4150 level.
The next major support level can be found near $0.410 along with the trend line. A break below this level might lead to a test of $0.388, followed by another major support at around $0.372.
Technical Indicators
The MACD for ADA/USD on the 4-hour chart is showing bullish momentum. Additionally, the RSI for ADA/USD is currently above the 50 level.
Major support levels to watch are $0.415, $0.410, and $0.388, while major resistance levels are at $0.432, $0.450, and $0.500.
Hot Take: Cardano’s Steady Rise Indicates Potential for Higher Levels
Cardano’s recent steady increase in price suggests that it may continue to rise further. With its ability to break through several resistance levels, including the significant $0.420 level, ADA has shown signs of strength.
Currently trading above key support levels and with a bullish trend line forming, there is potential for ADA to accelerate higher towards the $0.500 level or even reach $0.550.
However, if ADA fails to surpass the immediate resistance at $0.432, a downside correction may occur with support levels at $0.415 and $0.410 to watch.
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