Cardano Price Analysis

• ADA price is showing positive signs above the $0.3800 zone against the US Dollar.
• There was a break above a major contracting triangle with resistance near $0.3910 on the 4-hours chart.
• The price could gain bullish momentum if it clears the $0.410 and $0.420 resistance levels.

Price Momentum

This week, Cardano price started a steady increase above the $0.365 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.380 and $0.388 levels and there was a clear move above the 50% Fib retracement level of the downward wave from the $0.4092 swing high to the $0.3711 low. Besides, there was also a break above a major contracting triangle with resistance near $0.3910 on the 4-hours chart (data feed via Coinbase). ADA price is now trading above $0.380 and is showing positive signs above the $0.392 level as well as being supported by 55 simple moving average (4 hours).

Upside Resistance

On upside, immediate resistance is near at around the 76% Fib retracement level of downwards wave from swing high of 0$4092 to low of 0$3711 at around 0$4000 zone, followed by another one at around 0$4080 zone which can be considered as major one for further upsurge in bulls‘ momentum . If this support holds then we might see some more gains in ADA prices towards 0$420 before any bearish action can take place again .

Downside Support

On downside, immediate support is seen near 0$392 along with another one below current support which lies near 0$388 , if these two supports fail to hold then we might see some more bearish action in prices towards next major support lying at around 0$372 .

Conclusion

Cardano (ADA) price is rising and could rally if there is clear move above key resistances such as 0$410 & 420 respectively . On downside , current supports are holding but if it fails then we might see bearish action again .

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