Cardano price has been on a steady uptrend recently, signaling positive signs for ADA investors. Starting from a recovery wave at the $0.3220 level, the price has now surged above $0.350, trading comfortably above the 100-hourly simple moving average. This positive movement was further reinforced by a break above a key bearish trend line with resistance at $0.3430 on the hourly chart of the ADA/USD pair sourced from Kraken.
The pair’s potential to continue moving upwards depends on its ability to maintain stability above the $0.3440 support zone, setting the stage for further gains towards $0.380. After establishing a base above the $0.330 level, Cardano’s ascent was marked by a break above key resistance levels at $0.3350 and $0.340, mirroring the positive movements in Bitcoin and Ethereum.
With a spike above $0.350, a high of $0.3587 was reached before consolidating gains. The asset is currently above the 23.6% Fib retracement level from the swing low of $0.3300 to the high of $0.3587, trading above $0.350 and the 100-hourly simple moving average. Resistance points are anticipated near the $0.3580 and $0.3620 levels, with a breakout above $0.3650 potentially leading to a strong rally towards the $0.380 region and potentially even higher towards $0.400.
In case the price fails to breach the $0.3580 resistance level, a downward trend might ensue, finding support at the $0.350 mark. Further downside support lies near $0.3440 or the 50% Fib retracement level from the swing low of $0.3300 to the high of $0.3587. If this level is breached, a test of $0.330 could be on the horizon, with major support expected around $0.320.
On the technical side, the MACD for ADA/USD is showing signs of bullish momentum on the hourly charts. The Relative Strength Index (RSI) for the same pair is now above the 50 level. Key support levels remain at $0.3500 and $0.3440, while major resistances are seen at $0.3580 and $0.3650.
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In conclusion, Cardano’s price movements have been affirmative for investors, showing potential for further upward momentum towards key resistance levels. With technical indicators signaling bullish trends and solid support levels in place, ADA traders can remain cautiously optimistic about the asset’s trajectory. However, monitoring key levels and developments in the market will be crucial to anticipate any potential shifts in trends and make informed trading decisions.
