Cardano (ADA) Price Analysis: More Gains Likely Above $0.38

Cardano Price Analysis

Cardano (ADA) Price Analysis: More Gains Likely Above $0.38

ADA price seems to be forming a support base above the $0.34 level against the US Dollar.
The price is now trading above $0.332 and the 55 simple moving average (4-hours).
There was a break below a connecting bullish trend line with support near $0.350 on the 4-hours chart (data feed via Bitfinex).
The price could gain resume its increase if it clears the $0.370 and $0.380 levels.

Cardano price is showing positive signs above $0.340 against the US Dollar, similar to bitcoin. ADA price could extend its increase if it clears the $0.380 resistance.
Cardano Price Analysis
This week, cardano price started a strong increase above the $0.300 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.320 and $0.325 levels.
It even broke the $0.332 level and settled well above the 55 simple moving average (4-hours). It traded as high as $0.3699 and recently started a downside correction. There was a move below the $0.360 and $0.350 levels. The price declined below the 23.6% Fib retracement level of the upward wave from the $0.3083 swing low to $0.3699 high.
There was a break below a connecting bullish trend line with support near $0.350 on the 4-hours chart. It is now trading above $0.332 and the 55 simple moving average (4-hours).
On the upside, an immediate resistance is near the $0.355 zone. A clear move above the $0.355 resistance might start a strong increase. The next major resistance is near the $0.370 level. A clear upside break above the $0.370 level might send the price towards the $0.38 resistance or even $0.40.
On the downside, an immediate support is near the $0.340 level. It is near the 50% Fib retracement level of the upward wave from the $0.3083 swing low to $0.3699 high.
The next major support is near the $0.332 level. A clear move below the $0.332 level might send the price towards the $0.300 level. Any more losses might send the price towards the $0.280 support.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.332 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.370 and $0.380 levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now gaining pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $0.340 and $0.332.
Key Resistance Levels – $0.355 and $0.370.

Tags: ADA, Cardano

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