Cardano (ADA) Price Saw Technical Breakout: Big Reaction From Bulls Imminent
24 Março 2023 - 2:50AM
NEWSBTC
Cardano’s price started a fresh increase above the $0.35
resistance. ADA rise further if it clears the $0.388 resistance
zone. ADA price is gaining bullish momentum above the $0.350
support against the US dollar. The price is trading above $0.350
and the 100 simple moving average (4-hours). There is a key rising
channel forming with support near $0.3520 on the 4-hours chart of
the ADA/USD pair (data source from Kraken). The pair could continue
to move up if it clears the $0.388 resistance zone. Cardano’s ADA
Price Remains In Uptrend After forming a strong base, cardano’s
price started a decent increase above the $0.320 resistance zone.
The price gained pace and was able to clear the key $0.350
resistance to move into a positive zone, similar to Bitcoin and
Ethereum. The upward move gained pace above $0.350 and the price
climbed above $0.380. A high is formed near $0.3876 and the price
is now consolidating gains. There was a minor decline below the
23.6% Fib retracement level of the upward move from the $0.3342
swing low to $0.3876 high. ADA price is now trading above $0.350
and the 100 simple moving average (4-hours). There is also a key
rising channel forming with support near $0.3520 on the 4-hours
chart of the ADA/USD pair. Source: ADAUSD on TradingView.com On the
upside, an immediate resistance is near the $0.375 zone. The next
major resistance is forming near the $0.388 zone. If there is an
upside break above the $0.385 and $0.388 resistance levels, the
price could start a strong increase. In the stated case, the price
could rise steadily towards the $0.42 level. An intermediate
resistance might be $0.45. Dips Supported? If cardano’s price fails
to climb above the $0.375 and $0.388 resistance levels, it could
correct lower. An immediate support on the downside is near the
$0.360 level. The next major support is near the $0.352 level and
the channel lower trend line. A downside break below the $0.352
level could open the doors for a fresh decline towards $0.320. The
next major support is near the $0.300 level. Technical Indicators
4-hours MACD – The MACD for ADA/USD is losing momentum in the
bullish zone. 4-hours RSI (Relative Strength Index) – The RSI for
ADA/USD is now above the 50 level. Major Support Levels – $0.360,
$0.352 and $0.320. Major Resistance Levels – $0.375, $0.388 and
$0.400.
Cardano (COIN:ADAUSD)
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