ADA Price Claims $0.40 And Recovery Could Soon Turn Into Rally
December 06 2023 - 1:28AM
NEWSBTC
Cardano (ADA) is gaining pace above the $0.40 resistance. ADA could
rally if there is a clear move above the $0.432 and $0.450
resistance levels. ADA price is moving higher above the $0.400
pivot level. The price is trading above $0.415 and the 100 simple
moving average (4 hours). There is a key bullish trend line forming
with support near $0.410 on the 4-hour chart of the ADA/USD pair
(data source from Kraken). The pair could accelerate higher toward
the $0.500 level or even $0.550. Cardano Price Starts Steady
Increase After forming a base above the $0.3750 level, Cardano
started a steady increase. There was a break above the $0.388 and
$0.400 resistance levels, but ADA lagged momentum like Bitcoin and
Ethereum. The price even climbed above the $0.420 resistance. A
high was formed near $0.4293 and the price is now consolidating
gains. It is trading above the 23.3% Fib retracement level of the
upward move from the $0.3715 swing low to the $0.4293 high. ADA is
now trading above $0.415 and the 100 simple moving average (4
hours). There is also a key bullish trend line forming with support
near $0.410 on the 4-hour chart of the ADA/USD pair. Source: ADAUSD
on TradingView.com On the upside, immediate resistance is near the
$0.4250 zone. The first resistance is near $0.432. The next key
resistance might be $0.450. If there is a close above the $0.450
resistance, the price could start a strong rally. In the stated
case, the price could rise toward the $0.50 region. Any more gains
might call for a move toward $0.550. Are Dips Supported in ADA? If
Cardano’s price fails to climb above the $0.432 resistance level,
it could start a downside correction. Immediate support on the
downside is near the $0.4150 level. The next major support is near
the $0.410 level and the trend line. A downside break below the
$0.410 level could open the doors for a test of $0.388. The next
major support is near the $0.372 level. Technical Indicators 4
hours MACD – The MACD for ADA/USD is gaining 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 – $0.415,
$0.410, and $0.388. Major Resistance Levels – $0.432, $0.450, and
$0.500.
Cardano (COIN:ADAUSD)
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