Cardano’s ADA price is showing signs of a potential rebound, with the cryptocurrency attempting to break above the $0.3050 resistance zone. If successful, ADA could gain bullish momentum and potentially see a surge in value.

Cardano’s ADA Price Eyes Upside Break

Cardano’s price recently started a recovery wave from the $0.250 support zone. The bulls were successful in pushing the price above the $0.265 and $0.272 resistance levels. It even reached a high of approximately $0.3047 before consolidating its gains. ADA is currently trading above $0.275 and the 100 simple moving average (4 hours), indicating a positive trend. A key bullish trend line is also forming, providing support near $0.2780 on the 4-hour chart of the ADA/USD pair.

On the upside, immediate resistance is near the $0.300 zone, with the next major resistance forming near $0.305. A successful break above these resistance levels could lead to a significant increase in price, potentially surpassing the $0.320 resistance zone. The next key resistance levels would then be $0.348 and potentially $0.40.

Fresh Decline in ADA?

If Cardano’s price fails to break above the $0.300 and $0.305 resistance levels, it could experience another decline. The immediate support on the downside is near the $0.380 level and the bullish trend line. A break below the $0.275 level could open the doors for a fresh decline towards $0.254, with the next major support level near $0.232.

Technical indicators suggest that ADA/USD is losing momentum in the bullish zone, as the MACD is showing a decline and the RSI is below the 50 level.

FAQs

What is Cardano?

Cardano is a blockchain platform that aims to provide a secure and scalable infrastructure for the development of decentralized applications and smart contracts.

What is ADA?

ADA is the native cryptocurrency of the Cardano platform and is used for various purposes including staking, participating in the platform’s governance, and facilitating transactions.

How does ADA price fluctuate?

ADA price is influenced by various factors such as market demand, overall cryptocurrency market trends, project developments, and investor sentiment.

What are the major support and resistance levels for ADA?

The major support levels for ADA are $0.280, $0.275, and $0.254. The major resistance levels are $0.300, $0.305, and $0.348.

Where can I track the ADA/USD price?

The ADA/USD price can be tracked on various cryptocurrency trading platforms and financial websites that provide real-time market data and charts.

Sources:

1. ADAUSD on TradingView.com