Cardano Price Recovers: Can ADA Break $0.288 Resistance?
• Cardano (ADA) price is recovering higher above the $0.25 mark against the US Dollar.
• There was a break 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 seems to be recovering 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.
Earlier this month, Cardano price saw a major decline from well above $0.320 against the US Dollar. The ADA/USD pair traded below the $0.30 and $0.288 support levels to move into a bearish zone, even pushing past the mark of $0,.25 to create a low at around 0$.230 .
A correction wave ensued as there was a move above both the 0$.250 and 0$.255 resistance levels, as well as 23,6% Fib retracement level of its key downward slide from 0$.3821 swing high to 0$.2300 low . Additionally , there was also seen an uptrend in prices after breaking through a significant bearish trend line with resistance close to 0$.260 on 4 hour chart .
Ada’s current trading rate stands below both 0$.288 and 55 simple moving average (4 hours). On upside , immediate resistance lies around 0$.265 zone , while next main resistance is near 0$.288 level . In case of clear movement beyond said level , it may open doors for further upward momentum possibly towards 50 % Fib retracement level of its drop from its peak at 0$382 swing high to bottom at low at 0$230 or alternatively up till resisting point at 0$300 .
Immediate support lies near point of 0$252 while next major support stands firmly rooted at point of 0$250 ; any further fall may cause prices to dive towards point of strong base at around point of 0$205 .