Cardano (ADA) is currently running strong, cutting through the $0.350 resistance with swift confidence. ADA is demonstrating a robust bullish performance posing the potential to soar towards $0.400, possibly even reaching the $0.420 mark.
It’s important to note that ADA outdid Bitcoin in recent trading, breaking through the $0.350 resistance effortlessly. The price of ADA is hovering above $0.350, positioned above the 100 simple moving average over a 4-hour span. A significant bullish trend line has formed, solidly backed with support near $0.3505; an observation on the 4-hour chart of the ADA/USD pair. This forecasts an acceleration that could easily see ADA rocket towards the $0.400 level, or further, towards $0.420.
The past days saw a notable increase in Cardano’s performance. Its upward trajectory, starting from the $0.2850 support, represented a jump of more than 20%, breaking through various barriers near the $0.350 resistance threshold. This performance set Cardano ahead of both Bitcoin and Ethereum.
The momentum was substantial enough to drive the price towards $0.3750. A temporary peak was set at $0.3755, just before a slight dip. The price decreased below the $0.3550 support and temporally slipped below the 23.6% Fib retracement level. This retracement signaled a dip from $0.2845 swing low to the $0.3755 swing high.
Furthermore, bullish forces held strong above the $0.3400 zone. The bullish trend line strengthened, with sufficient support near $0.3505; as observed on the 4-hour chart of the ADA/USD pair.
On a predictive note, ADA maintains its trend trading above $0.350, and the 100 simple moving average (4 hours). Looking upwards, $0.3750 presents itself as the current immediate resistance lining. The first significant resistance expected is at $0.380, with another potential key resistance anticipated around $0.40. An eventual rally beyond $0.400 could set the stage for further leaps, potentially reaching the $0.420 region.
However, if Cardano’s price struggles to ascend beyond the $0.3750 resistance, a slight downward correction might kick in. In such a scenario, immediate support on the downside rests near the $0.3550 level. Following that is a major support hovering near the $0.350 level and the trend line. A downward breach below $0.350 could usher in a test for the 50% Fib retracement level, calculated from $0.2845 swing low to the $0.3755 swing high, set at $0.3300. Following that, the next significant support aligns near the $0.3080 level.
The technical indicators for ADA are promising. Over a span of 4 hours, the MACD for ADA/USD is gaining traction in the bullish zone. In the same span, the RSI (Relative Strength Index) for ADA/USD’s strength surpasses the 50 level. Major supports and resistances are predicted to fall around $0.355 and $0.375 respectively, beneath and above the trading price, with $0.350 and $0.400 standing as significant thresholds followed by $0.330 and $0.420 levels.
's bullish performance, strongly breaking the $0.350 resistance, outperforming Bitcoin and aiming for the $0.420 mark.){kind=link}