Crypto & Blockchain News

Cardano Price Analysis: ADA Recovery Targets $0.288 Amid Bullish Momentum


Cardano (ADA) is making a promising recovery above the $0.25 level against the US Dollar, suggesting a potential bullish trend. The price is currently trading below the $0.288 and the 55 (4-hour) simple moving average, but recent developments suggest a move up may be imminent.

On the 4-hour chart provided by Coinbase, the main bearish trend line with resistance near $0.260 was broken, signaling a positive shift in market sentiment. The ADA price could gain further bullish momentum if it manages to surpass the $0.265 and $0.288 levels, presenting an opportunity for investors.

Similar to Bitcoin, Cardano’s price has been on an upward trajectory above $0.25 against the US Dollar. Clearing the $0.265 resistance will increase the chances of a further recovery. It should be noted that earlier this month, Cardano suffered a significant drop from levels well above $0.320, heading into the bearish zone below the $0.30 and $0.288 support levels.

During this downside, ADA price even dipped below $0.25, hitting a low of around $0.230. However, the market has since started to correct its losses, as evidenced by the gains above the $0.250 and $0.255 resistance levels. Price has also breached the 23.6% Fibonacci retracement level, measured from a swing high of $0.3821 to a low of $0.2300.

Moreover, there has been a notable break of the main bearish trend line with resistance near $0.260 on the 4-hour chart. Even though ADA price is currently trading below $0.288 and the 55 (4hr) simple moving average, prospects for a bullish spike remain intact.

In terms of immediate resistance, the $0.265 zone is prominent, followed by a more significant barrier at $0.288. A clear move above this resistance level is likely to trigger a continued price increase. In such a scenario, price could target the $0.300 resistance or the 50% Fibonacci retracement level, located between the swing high of $0.3821 and the low of $0.2300.

In contrast, immediate support lies around the $0.252 level, with the next key support seen near $0.250. If the price drops below $0.250, it has the potential to reach the $0.230 level. Further losses might push the price further down to the $0.205 support level, and if broken, bears could set their sights on testing the $0.200 mark.

Chart analysis shows that the ADA price is currently trading below $0.288 and the 55 (4-hour) simple moving average. However, there is still potential for bullish momentum if prices manage to overcome the resistance levels at $0.265 and $0.288.

Looking at the indicators, the 4hr MACD for ADA/USD shows a slowdown in the bullish zone, while the 4hr RSI for the pair is currently below the 50 level.

In summary, ADA price is showing signs of recovery, with potential bullish momentum after topping the $0.265 and $0.288 resistance levels. Immediate support is found at $0.252, followed by $0.230, while key resistance levels are at $0.265 and $0.288.


Source link

Related Articles

Back to top button