Cardano price is holding gains above $0.3200 against the US Dollar, while bitcoin is declining. ADA price is likely to surge above $0.3600 unless it breaks the $0.3300 support zone.
Cardano Price Analysis
Cardano price started a fresh increase after testing the $0.2780 support zone against the US Dollar. The ADA/USD pair broke the $0.3000 and $0.3200 resistance levels to move into a positive zone.
There was also a spike above the $0.3500 resistance and the 55 simple moving average (4-hours). However, the price struggled to continue higher above $0.3800 and a high was formed near $0.3696. It is currently correcting lower and trading below $0.3600.
There was a break below the 23.6% Fib retracement level of the recent upward move from the $0.2774 swing low to $0.3696 high. ADA is now facing hurdles near $0.3500 and the 55 simple moving average (4-hours).
There is also a crucial contracting triangle forming with resistance near $0.3600 on the 4-hours chart. The triangle support is near the $0.3300 level. The next major support is near the $0.3200 level. It is close to the 50% Fib retracement level of the recent upward move from the $0.2774 swing low to $0.3696 high.
A downside break below the $0.3300 and $0.3200 support levels may possibly spark a major decline. In the stated case, there is a risk of a drop towards the $0.3000 support zone.
Conversely, the bulls might aim an upside break above the $0.3500 and $0.3600 resistance levels. If they succeed, there are high chances of a surge towards the $0.4000 resistance level.
The chart indicates that ADA price is clearly c facing hurdles near $0.3500 and the 55 simple moving average (4-hours). Overall, the price is likely to start a fresh increase if it clears the key $0.3600 resistance zone in the near term.
4 hours MACD – The MACD for ADA/USD is losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is currently just below the 50 level.
Key Support Levels – $0.3300 and $0.3200.
Key Resistance Levels – $0.3500 and $0.3600.
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