Home CryptocurrencyAnalysis ADA Price Prediction: Here's Why Cardano Could Rise Above $0.75 Again

ADA Price Prediction: Here's Why Cardano Could Rise Above $0.75 Again

by SuperiorInvest

Cardano (ADA) is correcting gains from the $0.80 resistance zone. ADA could start a new rise if it holds above the $0.6880 support zone.

  • ADA price is slowly declining from the $0.80 zone.
  • The price is trading below $0.720 and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support at $0.6880 on the 4-hour chart of the ADA/USD pair (data feed from Kraken).
  • The pair could attempt a fresh rise if the bulls remain active above the $0.680 support.

Cardano Price Reaches Key Support

After forming a base above the $0.580 level, Cardano started a fresh rise. ADA price was able to break through the $0.620 and $0.680 resistance levels to move into a positive zone, like Bitcoin and Ethereum.

The bulls pushed the pair above the $0.700 resistance zone. However, the bears were active near the $0.80 resistance zone. A high was formed near $0.8097 and the price started a downward correction. There was a move below the $0.750 level.

The price fell below the 23.6% Fibonacci retracement level of the ascending wave from the low of $0.5754 to the high of $0.8097. ADA price is now trading below $0.7250 and the 100 simple moving average (4-hours).

There is also a key bullish trend line forming with support at $0.6880 on the 4-hour chart of the ADA/USD pair. The trend line is near the 50% Fibonacci retracement level of the ascending wave from the low of $0.5754 to the high of $0.8097.

Source: ADAUSD on TradingView.com

The bulls could remain active near the $0.680 support. On the upside, immediate resistance is near the $0.7220 area. The first resistance is near $0.740. The next key resistance could be $0.800. If there is a close above the $0.800 resistance, the price could start a strong rally. In the indicated case, the price could rise towards the $0.8250 region. Any further gains could require a move towards $0.850.

More losses in ADA?

If Cardano price fails to break above the $0.7220 resistance level, it could continue to decline. Immediate downside support is near the $0.6880 level.

The next major support is near the $0.680 level. A downside break below the $0.680 level could open the doors to a test of $0.6350. The next major support is near the $0.6120 level.

Technical Indicators

4-hour MACD: The MACD for ADA/USD is losing momentum in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Main support levels: $0.6880, $0.6800 and $0.6350.

Main resistance levels: $0.7220, $0.7400 and $0.8000.

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

Source Link

Related Posts