Cardano price has found support near the $0.3050 level. ADA is currently recovering higher and may be looking for more gains above the $0.3360 resistance.
- ADA price started a recovery wave from the $0.3050 level.
- The price is trading above $0.320 and the 100-hour simple moving average.
- The hourly chart of ADA/USD (data source: Kraken) shows a breakout of a key bearish trend line with resistance at $0.3245.
- The pair may continue to rise if it remains stable above the $0.3200 support zone.
Cardano Price Shows Signs of Sustained Recovery
After a significant decline, Cardano found support above the $0.30 zone. The minimum was formed at $0.3050, and now the price is trying to make a recovery wave, like Bitcoin and Ethereum.
The price moved above the $0.3200 and $0.3220 resistance levels. There was a move above the 23.6% Fib retracement level of the downward move from the $0.3673 swing high to $0.3050 low. There was also a break above the key bearish trendline with resistance at $0.3245 on the hourly chart of the ADA/USD pair.
Cardano price is currently trading above $0.4220 and the 100-hour simple moving average. On the downside, the price may face resistance near the $0.330 zone. The first resistance is around $0.3360 or the 50% Fib retracement level of the downward move from the $0.3673 swing high to $0.3050 low.
The next key resistance could be $0.3450. If a close occurs above the $0.3450 resistance, the price could start a strong rally. In this case, the price could rise to the $0.3680 area. Any further gains could require a move to $0.400.
Another ADA decline?
If Cardano price fails to rise above the $0.3360 resistance level, it may start a new decline. The immediate support on the downside is near the $0.320 level.
The next major support is around $0.3120. A break below $0.3120 could open the door to a test of $0.3050. The next major support is around $0.3000, where bulls could emerge.
Technical indicators
Hourly MACD – MACD for ADA/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is currently above the 50 level.
The main support levels are $0.3200 and $0.3050.
The main resistance levels are $0.3360 and $0.3450.
