Key Takeaways:
- ADA price started a new increase above the $0.34 resistance.
- It broke a major bearish trend line with resistance near $0.332 on the daily chart.
- The bulls are now aiming a push toward the $0.400 and $0.420 resistance levels.
NEW DELHI (CoinChapter.com) — Cardano (ADA) formed a base and climbed above $0.35. The price is rising and facing major resistance, nearly $0.382.
Cardano (ADA) Price Starts Fresh Surge
After forming a base above $0.300, ADA price steadily increased against the US dollar. Finally, the price cleared the $0.32 resistance to move into a positive zone.
The upward move gained strength above a major bearish trend line with resistance near $0.332 on the daily chart. The price easily pumped above the $0.350 resistance zone and the 50-day simple moving average (blue), similar to Bitcoin and Ripple.
ADA price also cleared the key decline’s 50% Fib retracement level from the $0.4215 swing high to the $0.2978 low. The price is now facing resistance near the $0.375 zone.
It seems like the price is struggling to settle above the 61.8% Fib retracement level of the key decline from the $0.4215 swing high to the $0.2978 low. On the upside, the price faces strong resistance near the $0.382 level.
The next key resistance might be near the $0.40 level—a successful close above the $0.40 resistance increases the price to $0.420. Any more gains might open the doors for a move toward the $0.45 resistance zone.
Downside Correction?
The ADA price might correct gains if there is no upside break above the $0.382 resistance zone. Initial support on the downside is near the $0.364 level and the 50-day simple moving average (blue).
The first major support is now forming near the $0.348 level. A downside break below the $0.348 support zone might send the price toward the main support at $0.32. Any more losses could initiate a move toward the $0.300 support.
ADA seems to be eyeing more gains above the $0.38 resistance. If the bulls push the price above this, a strong move could be toward $0.42. Conversely, there could be a downward move toward the $0.348 support.
The post Cardano (ADA) Price Pump Is Just Getting Started and $0.42 Seems Imminent appeared first on CoinChapter.
