Cardano (ADA) On The Rise: Exploring Upward Momentum and Bullish Prospects

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	11,234,791,059	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

11,234,791,059

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00004	0.03%	0.127331	0.12723	0.127247

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00004

0.03%

0.127331

0.12723

0.127247

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.127726	0.120934	0.127291	0.127291	0.071373 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.127726

0.120934

0.127291

0.071373 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	15:14:34	255.52	0.127331	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

15:14:34

255.52

0.127331

USD

Price x Volume	Volume	Base Symbol	Related Pairs
270,164.58	2,191,413.39	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

270,164.58

2,191,413.39

Cardano (ADA) On The Rise: Exploring Upward Momentum and Bullish Prospects

03/07/2024 5:58am

NEWSBTC

Cardano price started a steady increase above the $0.400 resistance. ADA is now consolidating gains and might aim for more gains above $0.4225. ADA price started a fresh increase and traded above $0.420. The price is trading above $0.4120 and the 100-hourly simple moving average. There are two key bullish trend lines forming with support at $0.4120 and $0.4080 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start a fresh increase unless there is a close below the $0.40 support zone. Cardano Price Gains Traction In the past few days, Cardano started a decent increase from the $0.3800 support zone. ADA climbed above the $0.40 and $0.4050 resistance levels, outperforming Bitcoin and Ethereum. It even cleared the $0.420 resistance and tested $0.4225. A high was formed at $0.4225 and the price is now consolidating gains. There was a move below the $0.4220 and $0.4200 support levels. The price tested the 23.6% Fib retracement level of the upward move from the $0.3782 swing low to the $0.4225 high. ADA price is now trading below $0.4120 and the 100-hourly simple moving average. There are also two key bullish trend lines forming with support at $0.4120 and $0.4080 on the hourly chart of the ADA/USD pair. If there is another upward move, the price might face resistance near the $0.420 zone. The first resistance is near $0.4225. The next key resistance might be $0.4450. If there is a close above the $0.4450 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.4850 region. Any more gains might call for a move toward $0.50. Downside Correction in ADA? If Cardano’s price fails to climb above the $0.4225 resistance level, it could continue to move down. Immediate support on the downside is near the $0.4120 level. The next major support is near the $0.4080 level and the second trend line. A downside break below the $0.4080 level could open the doors for a test of $0.400. The next major support is near the $0.3880 level. Technical Indicators Hourly MACD – The MACD for ADA/USD is losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. Major Support Levels – $0.4120 and $0.4080. Major Resistance Levels – $0.4200 and $0.4225.

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