Cardano price has started a clear rally above the resistance at $0.340. ADA is currently showing positive signals and may continue to rise towards $0.380.
- ADA price started a rebound from the USD 0.3220 level.
- The price remains above $0.350 and the 100-hour plain moving average.
- On the hourly chart of the ADA/USD currency pair, there was a breakout of the key downtrend line with resistance at USD 0.3430 (data source: Kraken).
- The pair could continue to rally if it holds above the support zone at USD 0.3440.
The price of Cardano is starting to rise steadily
After forming a base above the $0.330 level, Cardano started a decent rally. There was a decent move above the $0.3350 and $0.340 resistance levels like Bitcoin and Ethereum.
There was also a break of the key bearish trendline with resistance at $0.3430 on the hourly chart of the ADA/USD pair. The pair even rose above $0.350. The high was formed at $0.3587, and the price is currently consolidating gains.
It is above the 23.6% Fibonacci retracement level of the upside from the $0.3300 swing low to the $0.3587 high. Cardano price is currently trading above $0.350 and the 100-hour plain moving average.
On the other hand, the price could face resistance near the $0.3580 zone. The first resistance is near $0.3620. The next key resistance could be $0.3650. If the close occurs above the $0.3650 resistance, the price could start a forceful rally. In the given case, the price could rise towards the $0.380 area. Any further gains may require a move towards $0.400.
Does ADA support DIP files?
If Cardano price fails to break above the resistance level of $0.3580, another decline could begin. Immediate support on the downside is located near the $0.350 level.
The next major support is near the $0.3440 level or the 50% Fibonacci retracement level of the upside move from the $0.3300 swing low to the $0.3587 high. A break below the $0.3440 level could open the door to a test of the $0.330 level. The next major support is near the $0.320 level, where bulls could enter.
Technical indicators
Hourly MACD – MACD for the ADA/USD pair is gaining momentum in the growth zone.
Hourly RSI (Relative Strength Index) – The RSI for the ADA/USD pair is currently above the 50 level.
Major support levels – USD 0.3500 and USD 0.3440.
Major resistance levels – USD 0.3580 and USD 0.3650.
