ADA Price Prediction – Here’s Why Cardano Could Pump Again Above $0.75
March 15 2024 - 12:28AM
NEWSBTC
Cardano (ADA) is correcting gains from the $0.80 resistance zone.
ADA could start a fresh increase if it stays above the $0.6880
support zone. ADA price is slowly moving lower from the $0.80 zone.
The price is trading below $0.720 and the 100 simple moving average
(4 hours). There is a key bullish trend line forming with support
at $0.6880 on the 4-hour chart of the ADA/USD pair (data source
from Kraken). The pair could attempt a fresh increase if the bulls
remain active above the $0.680 support. Cardano Price Reaches Key
Support After forming a base above the $0.580 level, Cardano
started a fresh increase. ADA price was able to climb above the
$0.620 and $0.680 resistance levels to move into a positive zone,
like Bitcoin and Ethereum. The bulls pushed the pair above the
$0.700 resistance zone. However, the bears were active near the
$0.80 resistance zone. A high was formed near $0.8097 and the price
started a downside correction. There was a move below the $0.750
level. The price declined below the 23.6% Fib retracement level of
the upward wave from the $0.5754 swing low to the $0.8097 high. ADA
price is now trading below $0.7250 and the 100 simple moving
average (4 hours). There is also a key bullish trend line forming
with support at $0.6880 on the 4-hour chart of the ADA/USD pair.
The trend line is near the 50% Fib retracement level of the upward
wave from the $0.5754 swing low to the $0.8097 high. Source: ADAUSD
on TradingView.com The bulls might remain active near the $0.680
support. On the upside, immediate resistance is near the $0.7220
zone. The first resistance is near $0.740. The next key resistance
might be $0.800. If there is a close above the $0.800 resistance,
the price could start a strong rally. In the stated case, the price
could rise toward the $0.8250 region. Any more gains might call for
a move toward $0.850. More Losses in ADA? If Cardano’s price fails
to climb above the $0.7220 resistance level, it could continue to
move down. Immediate support on the downside is near the $0.6880
level. The next major support is near the $0.680 level. A downside
break below the $0.680 level could open the doors for a test of
$0.6350. The next major support is near the $0.6120 level.
Technical Indicators 4 hours MACD – The MACD for ADA/USD is losing
momentum in the bearish zone. 4 hours RSI (Relative Strength Index)
– The RSI for ADA/USD is now below the 50 level. Major Support
Levels – $0.6880, $0.6800, and $0.6350. Major Resistance Levels –
$0.7220, $0.7400, and $0.8000.
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