Cardano’s Price Movement: What to Expect Next 🚀
Over the last few trading sessions, ADA has experienced a significant uptrend from the $0.3350 support level. The price of ADA managed to surpass key resistance levels at $0.350 and $0.3650, much like Bitcoin and Ethereum, indicating a positive trend for the cryptocurrency.
Furthermore, ADA broke through the $0.3880 resistance and even tested $0.4050. The price hit a high at $0.4047 before entering a phase of consolidation. Following this, there was a slight dip below the $0.400 mark and the $0.3980 support levels. The price retraced to the 23.6% Fib level from the swing low of $0.3577 to the high of $0.4047.
Currently, ADA is trading above $0.380 and the 100-hourly simple moving average, with a crucial bullish trend line developing, offering support at $0.3935 on the hourly chart of the ADA/USD pair.
Potential Upside Momentum for ADA 📈
- If the price of ADA continues to climb, it may encounter resistance around the $0.400 zone, with the initial hurdle at $0.4050.
- The next significant resistance level to watch out for is at $0.4250, which could pave the way for a substantial rally if breached successfully.
- A breakthrough above the $0.4250 resistance could propel the price towards the $0.450 mark, with further gains potentially leading to a push towards $0.4650.
Possible Downside Pressure for ADA
However, in the event that Cardano’s price fails to surpass the $0.400 resistance, a correction to the downside might ensue. The immediate support level lies around $0.3960, along with the established trend line.
If a downward correction occurs, the next major support is anticipated near the $0.3810 level, in addition to the 50% Fib retracement level from the swing low at $0.3577 to the high of $0.4047. A breach below this level could prompt a test of $0.3750, followed by significant support at $0.350.
Key Technical Indicators to Consider for ADA
- Hourly MACD – The MACD for ADA/USD is indicating an increase in bullish momentum.
- Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is currently positioned above the 50 level, indicating a positive trend.
- Major Support Levels – $0.3960 and $0.3810
- Major Resistance Levels – $0.4000 and $0.4050
Hot Take: Charting the Course for Cardano 🔥
As Cardano’s price continues its upward trajectory, the next major hurdle lies at the $0.400 resistance level. Breaking through this barrier could set the stage for a strong rally towards $0.4250 and beyond. Conversely, failure to breach the $0.400 mark may lead to a downside correction, with key support levels at $0.3960 and $0.3810 critical for maintaining the current positive momentum. Traders and investors are advised to closely monitor these levels for potential trading opportunities.
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