• Cardano (ADA) price is recovering higher above $0.25 against the US Dollar, similar to Bitcoin.
• The price broke above a major bearish trend line with resistance near $0.260 on the 4-hour chart.
• 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 from its recent decline against the US Dollar, similar to Bitcoin. There was a break above a major bearish trend line with resistance near $0.260 on the 4-hour chart, which may lead to more gains in ADA price if it clears certain key levels moving forward.
Key Resistance and Support Levels
On the upside, immediate resistance is near the $0.265 zone for Cardano price. The next major resistance is near the $0.288 level, which needs to be cleared for further gains in ADA/USD pair in the coming days or weeks. On the downside, immediate support is near the $0.252 level and then at $0.250 level for Cardano bulls to remain active in short term trades or long term investments respectively..
Looking at 4 hours MACD chart of ADA/USD pair suggests that there has been a decrease in buying pressure as shown by losing pace of MACD indicator towards 0 level while RSI indicator has dropped below 50 level showing more weakness than strength in current market scenario according to technical indicators analysis .
Overall, Cardano appears to have recovered some lost ground recently and may continue its upward trajectory if it manages to clear certain key levels such as those mentioned above while avoiding further downside risks posed by bears’ presence at lower support levels like $ 0 . 252 or below even lower till 0 . 250 . Therefore , traders should watch out for any upcoming changes carefully before taking any positions regarding this cryptocurrency asset .
The information provided does not constitute, investment advice nor trading advice nor consultation regarding strategic decisions of investments and /or trading operations and may not be construed as such