Cardano

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Resistance

Cardano price started a steady increase above the $0.3850 resistance. ADA is now eyeing a close above $0.40 to gain bullish momentum. 
<ul> 
 <li>ADA price started a fresh increase and traded above $0.3880.</li> 
 <li>The price is trading above $0.390 and the 100-hourly simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $0.3935 on the hourly chart of the ADA/USD pair (data source from Kraken).</li> 
 <li>The pair could gain bullish momentum if it closes above the $0.40 zone.</li> 
</ul> 
<h2 id="cardano-price-eyes-steady-increase">Cardano Price Eyes Steady Increase</h2> 
In the past few sessions, Cardano started a decent increase from the $0.3350 support zone. ADA climbed above the $0.350 and $0.3650 resistance levels, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-falls-56k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rises-3200/" target="_blank" rel="noopener ">Ethereum</a>. 
It even cleared the $0.3880 resistance and tested $0.4050. A high was formed at $0.4047 and the price is now consolidating gains. There was a move below the $0.400 and $0.3980 support levels. The price tested the 23.6% Fib retracement level of the upward move from the $0.3577 swing low to the $0.4047 high. 
ADA price is now trading above $0.380 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.3935 on the hourly chart of the ADA/USD pair. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_d30b95.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-629401 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_d30b95.png?resize=1024%2C461" alt="Cardano Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_d30b95.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_d30b95.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_d30b95.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_d30b95.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_d30b95.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_d30b95.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_d30b95.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
If there is another upward move, the price might face resistance near the $0.400 zone. The first resistance is near $0.4050. The next key resistance might be $0.4250. If there is a close above the $0.4250 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.450 region. Any more gains might call for a move toward $0.4650. 
<h2 id="downside-correction-in-ada">Downside Correction in ADA?</h2> 
If Cardano’s price fails to climb above the $0.400 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.3960 level and the trend line. 
The next major support is near the $0.3810 level and the 50% Fib retracement level of the upward move from the $0.3577 swing low to the $0.4047 high. A downside break below the $0.3810 level could open the doors for a test of $0.3750. The next major support is near the $0.350 level. 
Technical Indicators 
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. 
Major Support Levels – $0.3960 and $0.3810. 
Major Resistance Levels – $0.4000 and $0.4050.

Cardano (ADA) Eyeing $0.40 Break: Will It Ignite a Bullish Surge?

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