Cardano price analysis: ADA/USD looking to refresh gains at $1.40
A breakout above a bearish trendline could trigger a new surge towards $1.50 from the key price level of $1.38.
Cardano (ADA) is up 2.62% in the past 24 hours, currently trading at $1.367 and looking for that little momentum that could elevate it to or past $1.40.
ADA/USD’s rebound follows a dip to lows of $1.28 last Friday, but resilience over the weekend has seen bulls reenergized, with today’s high formed near $1.378.
The 4-hour chart suggests further gains above a bearish trendline could see buyers target fresh movement towards the critical resistance level at $1.50. Traders might, however, need to note that ADA remains about -3% down on its weekly peak, and any downturn might feed a lingering bearish sentiment.
ADA/USD price outlook
Bulls face one more stiff resistance level before they retest the above-mentioned primary target. However, if the momentum fades, it could embolden bears to attempt a retest of $1.30 and 1.20.
On the 4-hour chart, ADA/USD has extended its gains above the 20-day simple moving average (SMA) at 1.341. The pair is also trending upwards within a rising channel after breaching a short-term bearish trendline formed on 4 July.
The Relative Strength Index (RSI) above 50 and trending with a positive divergence suggests bulls have the upper hand. A bullish continuation could thus see ADA rally over 9% in the next two days to target $1.50.
Despite the bullish outlook, the upside may yet face rejection at $1.40, even if bulls clear the previous support-turned-resistance level at the 50 SMA ($1.383).
If there’s a bearish flip to the 20 SMA and prices head to the lower trendline of the channel, fresh selling could trigger further declines to the horizontal support that marks 9 July lows near $1.28.
Below this level, ADA could fall to another horizontal line (red) at $1.200.
On the daily chart, the RSI is below the 50-mark to suggest bulls are not out of the woods yet. The lingering bearish outlook is also linked to the fact that ADA price is below the 100 SMA ($1.463).
The zone is the main hurdle if bulls break above $1.40, with a negative flip likely to push the price towards horizontal support at $1.283. The main support zone is at the 200 SMA at $1.106.
The post Cardano price analysis: ADA/USD looking to refresh gains at $1.40 appeared first on Coin Journal.
Source: CoinJournal: Home
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- (Recommended For Altcoin Leverage) FTX Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.es here