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.
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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Aayush Jindal
https://www.newsbtc.com/analysis/ada/cardano-ada-recovery-0-3360/
2024-09-06 04:18:56
