{"id":5777,"date":"2024-09-12T06:30:20","date_gmt":"2024-09-12T06:30:20","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=5777"},"modified":"2024-09-12T06:30:20","modified_gmt":"2024-09-12T06:30:20","slug":"cardano-ada-gains-traction-is-more-upside-ahead","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=5777","title":{"rendered":"Cardano (ADA) Gains Traction: Is More Upside Ahead?"},"content":{"rendered":"

Cardano price started a decent increase above the $0.340 resistance. ADA is now showing positive signs and might rise further toward $0.380.<\/em><\/p>\n

ADA price started a recovery wave from the $0.3220 level.
\nThe price is trading above $0.350 and the 100-hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance at $0.3430 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 $0.3440 support zone.<\/p>\n

Cardano Price Starts Steady Increase<\/h2>\n

After forming a base above the $0.330 level, Cardano started a decent increase. There was a decent move above the $0.3350 and $0.340 resistance levels like Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

There was also a break above a key bearish trend line with resistance at $0.3430 on the hourly chart of the ADA\/USD pair. The pair even spiked above $0.350. A high was formed at $0.3587 and the price is now consolidating gains.<\/p>\n

It is above the 23.6% Fib retracement level of the upward move from the $0.3300 swing low to the $0.3587 high. Cardano price is now trading above $0.350 and the 100-hourly simple moving average.<\/p>\n

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

On the upside, the price might face resistance near the $0.3580 zone. The first resistance is near $0.3620. The next key resistance might be $0.3650. If there is a close above the $0.3650 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.380 region. Any more gains might call for a move toward $0.400.<\/p>\n

Are Dips Supported in ADA?<\/h2>\n

If Cardano\u2019s price fails to climb above the $0.3580 resistance level, it could start another decline. Immediate support on the downside is near the $0.350 level.<\/p>\n

The next major support is near the $0.3440 level or the 50% Fib retracement level of the upward move from the $0.3300 swing low to the $0.3587 high. A downside break below the $0.3440 level could open the doors for a test of $0.330. The next major support is near the $0.320 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 $0.3500 and $0.3440.<\/p>\n

Major Resistance Levels \u2013 $0.3580 and $0.3650.<\/p>","protected":false},"excerpt":{"rendered":"

Cardano price started a decent increase above the $0.340 resistance. ADA is now showing positive signs and might rise further toward $0.380. ADA price started a recovery wave from the $0.3220 level. The price is trading above $0.350 and the 100-hourly simple moving average. There was a break above a key bearish trend line with […]<\/p>\n","protected":false},"author":0,"featured_media":5778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5777","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\/5777"}],"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=5777"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5777\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5778"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}