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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Cardano (ADA) Path To Recovery: Can It Fuel a Strong Rally?

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Cardano price found support near the $0.3050 level. ADA is now recovering higher and might aim for more gains above the $0.3360 resistance.

  • ADA price started a recovery wave from the $0.3050 level.
  • The price is trading above $0.320 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $0.3245 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could continue to move up if it remains stable above the $0.3200 support zone.

Cardano Price Shows Signs of Steady Recovery

After a major decline, Cardano found support above the $0.30 zone. A low was formed at $0.3050 and the price is now attempting a recovery wave like Bitcoin and Ethereum.

The price climbed above the $0.3200 and $0.3220 resistance levels. There was a move above the 23.6% Fib retracement level of the downward move from the $0.3673 swing high to the $0.3050 low. Besides, there was a break above a key bearish trend line with resistance at $0.3245 on the hourly chart of the ADA/USD pair.

Cardano price is now trading above $0.4220 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.330 zone. The first resistance is near $0.3360 or the 50% Fib retracement level of the downward move from the $0.3673 swing high to the $0.3050 low.

Cardano Price

The next key resistance might be $0.3450. If there is a close above the $0.3450 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.3680 region. Any more gains might call for a move toward $0.400.

Another Decline in ADA?

If Cardano’s price fails to climb above the $0.3360 resistance level, it could start another decline. Immediate support on the downside is near the $0.320 level.

The next major support is near the $0.3120 level. A downside break below the $0.3120 level could open the doors for a test of $0.3050. The next major support is near the $0.3000 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major Support Levels – $0.3200 and $0.3050.

Major Resistance Levels – $0.3360 and $0.3450.

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