Cardano is currently on an upward trajectory that has surpassed a 0.3850 resistance and is now positioning itself to break the .40 barrier. This climb reflects the broader positive trend observed in the crypto market, like those seen in Bitcoin and Ethereum prices. The notable rise from $0.3350 led ADA to clear several resistance levels including $0.350 and $0.3650, confirming strong buying interest.
ADA Breaks Beyond a $0.350 Hurdle; Eyes Set Higher
The momentum pushed ADA past the $0.388 level, hitting highs around $0.4050. The currency has however slightly declined below $.40 but its ability to stay above this price as well as 100 hourly SMA indicates that it’s still bullish at these levels. A major support trend line is formed at $0.3935 making ADA’s position stronger to challenge this zone of resistance soon.
Looking forward, ADA could meet selling interest around $0.400 region. Immediate resistance comes at $0.405 while $0.425 is another key huddle followed by a close above which rallies could gain pace. It means that if the bulls take charge of their positions then Cardano will go for $.450 before extending gains towards $.465.
Alternatively, should it turn out impossible to exceed this level, a correction might take place within ADA going forward. Immediate support lies at the $0.396 mark along with the underlying trendline. Now, there’s yet another crucial juncture located at $0.381 which agrees with 50% fib retracement level of the last upsurge. Should there be a breach from here in the future then lower supports may come into play such as $.375 or even back down to $.350 lows.
Cardano Nears Crucial Resistance Amid Rising Momentum
On its four-hour chart, Cardano (ADA) has exhibited a promising ascending trajectory presently testing the upper bounds of its Keltner Channel near $0.405 acting as a pivot resistance level. This was confirmed by the consistent gains that ADA has shown over the past weeks characterized by a series of higher lows and higher highs which is a bullish indicator suggesting an upward momentum. Chaikin Money Flow (CMF) also remains positive crossing above zero lines’ signifying sustained buying power across the market.
ADA’s current location immediately below $0.405 identifies this as a critical position for it. If this barrier proves easy to crack then any further grounds towards $.42 could be smooth in their consolidation. The MACD histogram suggests that there are possibilities of buyers taking control as it is positioned above the signal line with its trendline on top of it.RSI at 52.13, however, warns traders not to go long due to short-term pullbacks or consolidations before significant price action occurs. Therefore, if resistance is not overcome then lower support areas such as around .389 might be tested based on Keltner Channel’s lower band.
