The price of ADA, the cryptocurrency of Cardano, is gradually increasing from the $0.250 level against the US dollar. It is currently trading above $0.275 and the 100 simple moving average on the 4-hour chart. There is a bullish trend line forming with support around $0.2780.
Last week, ADA started a recovery wave from the $0.250 support zone and surpassed the $0.265 and $0.272 resistance levels. It even went above $0.300 before consolidating its gains. However, it is now trading below the 23.6% Fib retracement level.
On the upside, the immediate resistance is around $0.300, followed by a major resistance near $0.305. If there is a break above these levels, ADA could see a significant increase and potentially surpass $0.320 and $0.348.
However, if the price fails to break above the resistance levels, it could start a decline. The immediate support is near $0.280 and $0.275, with the next major support around $0.254 and $0.232.
The MACD indicator suggests that the bullish momentum is weakening, while the RSI is below the 50 level.
In summary, the ADA price is slowly rising and has the potential for an upside break if it surpasses the resistance levels. However, a failure to do so could lead to a fresh decline in price.
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