• ADA price is currently trading above the $0.25 level against the US Dollar.
• There was a break above a major bearish trend line with resistance near $0.260 on the 4-hour chart (data feed via Coinbase).
• The price could gain bullish momentum if it clears the $0.265 and $0.288 levels.
Cardano (ADA) Price Analysis
Cardano price is currently recovering higher above the $0.25 level against the US Dollar, similar to Bitcoin . Earlier this month, ADA/USD pair saw a major decline from well above $0.320 to below $0.30 and then to below $0.25, forming a low near $0.2300. But now it is correcting losses and there was a move above the key resistances like at $0.250 and $0.255 level along with 23.6% Fib retracement level of the key decline from the swing high of $0,3821 to low of 0,2300 . There was also break above a major bearish trend line with resistance near at 0,.260 on 4-hour chart (data feed by Coinbase).
Resistance Levels
On upside immediate resistance lies near 0,.265 zone while next major resistance lies near 0,.288 level which needs to be cleared for more bullish momentum as it may bring rise towards 0,.300 resistance or 50% Fib retracement level of key decline from 0,.3821 swing high to low of 0,.2300 .
Support Levels
On downside immediate support lies at around 0,.252 level while next major support lies at around 0,.250 which needs to be hold in order for bulls to remain intact as any further losses might lead towards test of 205 support .
Technical Indicators
MACD – MACD for ADA/USD is currently losing pace in bullish zone . RSI – RSI for ADA/USD is currently below 50 level .
Conclusion
Overall , price could gain bullish momentum if it clears resistances at 0 , 265 & 288 levels .
Overall , price could gain bullish momentum if it clears resistances at 0 , 265 & 288 levels .