{"id":108149,"date":"2021-01-12T11:42:11","date_gmt":"2021-01-12T11:42:11","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108149"},"modified":"2021-01-12T11:42:11","modified_gmt":"2021-01-12T11:42:11","slug":"cardano-ada-price-analysis-fresh-rally-likely-above-0-30","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/cardano-ada-price-analysis-fresh-rally-likely-above-0-30\/","title":{"rendered":"Cardano (ADA) Price Analysis: Fresh Rally Likely Above $0.30"},"content":{"rendered":"
Cardano price is recovering losses from the $0.2200 support zone against the US Dollar, similar to bitcoin. ADA price must clear the $0.3000 barrier to continue higher in the near term.<\/em><\/p>\n Cardano price started a strong surge after it settled above the $0.2000 resistance against the US Dollar. The ADA\/USD pair broke the $0.3000 resistance level and settled above the 55 simple moving average (4-hours).<\/p>\n There was also a break above the $0.3400 level and the price tested the $0.3500 zone. It seems like the bulls struggled to retain strength above $0.3400, resulting in a sharp decline. There was a nasty decline of over 20% and the price broke the $0.3000 support.<\/p>\n There was also a break below the $0.2500 level and the 55 simple moving average (4-hours). However, the price remained well bid above the $0.2200 zone. There is also a major bullish trend line forming with support near $0.2200 on the 4-hours chart.<\/p>\n A swing low is formed near $0.2279 before the price started recovering losses. It broke the $0.2500 resistance level. There was a clear break above the 23.6% Fib retracement level of the recent decline from the $0.3422 high to $0.2279 low.<\/p>\n The price is now facing hurdles near $0.3000, but trading above the 55 simple moving average (4-hours). The 50% Fib retracement level of the recent decline from the $0.3422 high to $0.2279 low is acting as a strong resistance near the $0.2850 zone.<\/p>\n A clear break above the $0.3000 resistance zone could open the doors for a fresh rally. In the stated case, the price is likely to continue higher towards the $0.3400 zone.<\/p>\n Conversely, the price could correct again from $0.3000. An initial support is near the $0.2750 level and the 55 simple moving average (4-hours). The main support is now forming near the $0.2200 zone.<\/p>\n <\/p>\n Cardano (ADA) Price<\/p>\n The chart indicates that ADA price is clearly attempting an upside break above $0.3000 and it is above the 55 simple moving average (4-hours). Overall, the price is likely to continue higher once it clears the $0.3000 resistance zone.<\/p>\n 4 hours MACD \u2013 The MACD for ADA\/USD is gaining pace in the bullish zone.<\/p>\n 4 hours RSI – The RSI for ADA\/USD is currently close to the 55 level.<\/p>\n Key Support Levels \u2013 $0.2750 and $0.2500.<\/p>\n Key Resistance Levels \u2013 $0.3000 and $0.3400.<\/p>\nCardano Price Analysis<\/h2>\n
Technical Indicators<\/h2>\n