ADA Price Prediction – Here’s Why Cardano Surge Is Far From Over
February 29 2024 - 11:48PM
NEWSBTC
Cardano (ADA) is gaining pace above the $0.635 resistance zone. ADA
is consolidating gains and might aim for more upsides above the
$0.70 resistance. ADA price is holding gains and facing resistance
near the $0.70 zone. The price is trading above $0.640 and the 100
simple moving average (4 hours). There is a key bullish trend line
forming with support at $0.6350 on the 4-hour chart of the ADA/USD
pair (data source from Kraken). The pair could attempt a fresh
increase if the bulls remain active above the $0.6220 support.
Cardano Price Eyes Another Increase After forming a base above the
$0.5650 level, Cardano started a fresh increase. ADA price was able
to climb above the $0.600 and $0.6220 resistance levels to move
into a positive zone, like Bitcoin and Ethereum. The bulls pushed
the pair above the $0.650 resistance zone. However, the bears were
active near the $0.700 resistance zone. A high was formed near
$0.7084 and the price started a downside correction. There was a
move below the $0.6750 level. The price declined below the 23.6%
Fib retracement level of the upward wave from the $0.5685 swing low
to the $0.7084 high. ADA price is now trading above $0.640 and the
100 simple moving average (4 hours). There is also a key bullish
trend line forming with support at $0.6350 on the 4-hour chart of
the ADA/USD pair. The trend line is near the 50% Fib retracement
level of the upward wave from the $0.5685 swing low to the $0.7084
high. Source: ADAUSD on TradingView.com The bulls might remain
active near the $0.6350 support. On the upside, immediate
resistance is near the $0.6750 zone. The first resistance is near
$0.692. The next key resistance might be $0.700. If there is a
close above the $0.700 resistance, the price could start a strong
rally. In the stated case, the price could rise toward the $0.750
region. Any more gains might call for a move toward $0.80. Downside
Correction in ADA? If Cardano’s price fails to climb above the
$0.6750 resistance level, it could continue to move down. Immediate
support on the downside is near the $0.6350 level. The next major
support is near the $0.6220 level. A downside break below the
$0.6220 level could open the doors for a test of $0.600. The next
major support is near the $0.5680 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 – $0.6350, $0.6220,
and $0.6000. Major Resistance Levels – $0.6750, $0.6920, and
$0.7000.
TRON (COIN:TRXUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
TRON (COIN:TRXUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024