Cardano (ADA) Gains Traction: Is More Upside Ahead?
12 September 2024 - 8:30AM
NEWSBTC
Cardano price started a decent increase above the $0.340
resistance. ADA is now showing positive signs and might rise
further toward $0.380. ADA price started a recovery wave from the
$0.3220 level. The price is trading above $0.350 and the 100-hourly
simple moving average. There was a break above a key bearish trend
line with resistance at $0.3430 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 $0.3440 support zone. Cardano Price
Starts Steady Increase After forming a base above the $0.330 level,
Cardano started a decent increase. There was a decent move above
the $0.3350 and $0.340 resistance levels like Bitcoin and Ethereum.
There was also a break above a key bearish trend line with
resistance at $0.3430 on the hourly chart of the ADA/USD pair. The
pair even spiked above $0.350. A high was formed at $0.3587 and the
price is now consolidating gains. It is above the 23.6% Fib
retracement level of the upward move from the $0.3300 swing low to
the $0.3587 high. Cardano price is now trading above $0.350 and the
100-hourly simple moving average. On the upside, the price might
face resistance near the $0.3580 zone. The first resistance is near
$0.3620. The next key resistance might be $0.3650. If there is a
close above the $0.3650 resistance, the price could start a strong
rally. In the stated case, the price could rise toward the $0.380
region. Any more gains might call for a move toward $0.400. Are
Dips Supported in ADA? If Cardano’s price fails to climb above the
$0.3580 resistance level, it could start another decline. Immediate
support on the downside is near the $0.350 level. The next major
support is near the $0.3440 level or the 50% Fib retracement level
of the upward move from the $0.3300 swing low to the $0.3587 high.
A downside break below the $0.3440 level could open the doors for a
test of $0.330. The next major support is near the $0.320 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 – $0.3500 and $0.3440.
Major Resistance Levels – $0.3580 and $0.3650.
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