• ADA price is struggling to climb above the $0.2920 area against the US Dollar.

  • The price is currently close to $0.288 and the 55 hourly simple moving average (4-hours).

  • There is a connecting bullish trend line forming support near $0.2850 on the 4-hour chart (data source from Coinbase).

  • The price is likely to gain bullish momentum if it breaks the $0.292 and $0.302 levels.

Cardano price is holding the $0.276 support against the US Dollar, similar to bitcoin. ADA price is likely to gain bullish momentum if it breaks above the $0.302 resistance.

Cardano Price Analysis

Last week, Cardano price rose sharply from the $0.276 support against the US Dollar. The ADA/USD pair broke the $0.285 and $0.292 resistance levels.

However, the bears are active near the $0.302 area. A high was formed near $0.3018 before a fresh decline. A low was formed near $0.2768 and the price is currently rising. It broke the 50% Fib retracement level of the down move from the $0.3018 swing high to $0.2768 low.

ADA is currently trading near $0.288 and the 55 simple moving average (4-hours). There is also a connecting bullish trend line forming with support near $0.285 on the 4-hour chart.

On the upside, an immediate resistance is near the $0.292 area. It is close to the 61.8% Fib retracement level of the down move from the $0.3018 swing high to $0.2768 low. The next major resistance is near the $0.302 level.

A clear break above the $0.302 resistance could start a steady increase. In the mentioned case, the price could move up to the $0.325 resistance and even $0.332.

On the downside, the immediate support is near the $0.285 level. The next major support is near the $0.276 level. A clear break below the $0.276 level could push the price towards the $0.265 level. Any more losses could push the price towards the $0.242 support level, below which the bears are likely to test $0.225.

The chart shows that ADA price is currently trading near $0.288 and the 55 simple moving average (4-hours). Overall, the price is likely to gain bullish momentum if it breaks above the $0.292 and $0.302 levels.