Cardano Price Eyes Upside Break: Can ADA Break Above $0.380?
• ADA is attempting to break above the $0.374 resistance zone.
• The price needs to clear the $0.375 and $0.380 levels to make a new rally.
• If unsuccessful, ADA could drop towards the $0.362 support level.
Cardano’s ADA Price Movement
Cardano’s ADA is slowly moving higher towards the $0.375 resistance, with a potential for a steady increase if there is a close above this level. It started a fresh decline from the $0.386 resistance against the US Dollar earlier this week, and tested the $0.3620 support before attempting a new increase, similar to Ethereum’s trend recently.
ADA Facing Key Resistance
The bulls pushed the price above the 23.6% Fib retracement level of its downward move from the swing high at $0.3863 to its low at $0.3613, but it faces strong resistance near the $0..345 level as well as a key bearish trend line near $ 0..375 on its 4-hour chart that is close to 50% Fib retracement level of its downward movement from swing high at 0..3863 to low at 0..3613 . If there is success in breaking through this line of resistance, then ADA may be able to test out its next major resistance around 0..380, which could lead to more gains up towards 0..40 or even beyond that towards 0..432 and finally 0..45 .
For Cardano’s ADA price to start rallying again successfully, it must clear both 0..375 and 0 ..380 levels first for confirmation of breakout from major bearish trend line , after which it will likely find support near 0 ..370 and 50 SMA (4 hours) blue should any pullbacks occur during bullish run .
However, should there be no successful move past these two resistances , then Cardano’s price may take another dip down below current levels toward next major supports around 0 ..362 and further down even possible reaching as far down as into area between $0 ..320 -356 depending on strength of bearish pressure .
In conclusion , Cardano’s ADA price is approaching key breakout resistances around both levels of $0 ..375 – 380 ,with successful daily closing above latter being necessary in order for strong bullish momentum return taking price up towards possible targets mentioned earlier . On other hand failure here would spell another drop possibly toward areas between ranges of $1 ..320 – 356 depending on strength of bearish pressure .