{"id":4033,"date":"2024-09-06T04:18:56","date_gmt":"2024-09-06T04:18:56","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=4033"},"modified":"2024-09-06T04:18:56","modified_gmt":"2024-09-06T04:18:56","slug":"cardano-ada-path-to-recovery-can-it-fuel-a-strong-rally","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=4033","title":{"rendered":"Cardano (ADA) Path To Recovery: Can It Fuel a Strong Rally?"},"content":{"rendered":"

Cardano price found support near the $0.3050 level. ADA is now recovering higher and might aim for more gains above the $0.3360 resistance.<\/em><\/p>\n

ADA price started a recovery wave from the $0.3050 level.
\nThe price is trading above $0.320 and the 100-hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance at $0.3245 on the hourly chart of the ADA\/USD pair (data source from Kraken).
\nThe pair could continue to move up if it remains stable above the $0.3200 support zone.<\/p>\n

Cardano Price Shows Signs of Steady Recovery<\/h2>\n

After a major decline, Cardano found support above the $0.30 zone. A low was formed at $0.3050 and the price is now attempting a recovery wave like Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

The price climbed above the $0.3200 and $0.3220 resistance levels. There was a move above the 23.6% Fib retracement level of the downward move from the $0.3673 swing high to the $0.3050 low. Besides, there was a break above a key bearish trend line with resistance at $0.3245 on the hourly chart of the ADA\/USD pair.<\/p>\n

Cardano price is now trading above $0.4220 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.330 zone. The first resistance is near $0.3360 or the 50% Fib retracement level of the downward move from the $0.3673 swing high to the $0.3050 low.<\/p>\n

<\/a><\/p>\n

The next key resistance might be $0.3450. If there is a close above the $0.3450 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.3680 region. Any more gains might call for a move toward $0.400.<\/p>\n

Another Decline in ADA?<\/h2>\n

If Cardano\u2019s price fails to climb above the $0.3360 resistance level, it could start another decline. Immediate support on the downside is near the $0.320 level.<\/p>\n

The next major support is near the $0.3120 level. A downside break below the $0.3120 level could open the doors for a test of $0.3050. The next major support is near the $0.3000 level where the bulls might emerge.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 The MACD for ADA\/USD is gaining momentum in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for ADA\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $0.3200 and $0.3050.<\/p>\n

Major Resistance Levels \u2013 $0.3360 and $0.3450.<\/p>","protected":false},"excerpt":{"rendered":"

Cardano price found support near the $0.3050 level. ADA is now recovering higher and might aim for more gains above the $0.3360 resistance. ADA price started a recovery wave from the $0.3050 level. The price is trading above $0.320 and the 100-hourly simple moving average. There was a break above a key bearish trend line […]<\/p>\n","protected":false},"author":0,"featured_media":4034,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4033"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4033"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4033\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4034"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}