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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Cardano (ADA) Price Rally Reaches Crucial Juncture, $0.35 Is The Key

Aayush Jindal
Aayush Jindal
2 years ago
2 mins read
Cardano (ADA)

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Cardano’s price started a fresh increase above the $0.32 resistance. ADA rise further if it clears the $0.350 resistance zone.

  • ADA price is gaining bullish momentum above the $0.320 support against the US dollar.
  • The price is trading above $0.320 and the 100 simple moving average (4-hours).
  • There is a crucial bearish trend line forming with resistance near $0.348 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
  • The pair could continue to move up if it clears the $0.35 resistance zone.

Cardano’s Price Surges 10%

After a steady decline, cardano’s price found support near the $0.298 zone. The price traded as low as $0.2979 and recently started a decent increase.

There was a clear move above the $0.315 and $0.320 resistance levels. The bulls pumped the price above the 23.36% Fib retracement level of the main drop from the $0.4213 swing high to $0.2979 low. The price even surpassed the $0.3300 resistance zone.

ADA price is now trading above $0.320 and the 100 simple moving average (4-hours). Today, the price is up around 10% and showing positive signs, similar to bitcoin and ethereum.

On the upside, an immediate resistance is near the $0.348 zone. There is also a crucial bearish trend line forming with resistance near $0.348 on the 4-hours chart of the ADA/USD pair. The next major resistance is forming near the $0.36 zone. It is near the 50% Fib retracement level of the main drop from the $0.4213 swing high to $0.2979 low.

Cardano’s ADA Price

Source: ADAUSD on TradingView.com

If there is an upside break above the $0.350 and $0.360 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily towards the $0.40 level. An intermediate resistance might be $0.42.

Dips Limited in ADA?

If cardano’s price fails to climb above the $0.348 and $0.350 resistance levels, it could start a fresh decline. An immediate support on the downside is near the $0.330 level.

The next major support is near the $0.320 level. A downside break below the $0.320 level could open the doors for a fresh decline towards $0.300. The next major support is near the $0.288 level.

Technical Indicators

4-hours MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.

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

Major Support Levels – $0.330, $0.320 and $0.300.

Major Resistance Levels – $0.348, $0.350 and $0.360.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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