Cardano’s Rally Isn’t Over Yet As ADA Surges 30%: Price Analysis

Cardano’s rally isn’t over yet as the coin surged over $0.2000 similarly to BTC, increasing by 30% and showing more positive signs which are likely to lead it above $0.3000. In today’s Cardano ADA news, we are taking a closer look at the price analysis.

ADA started a strong surge above the $0.2000 and the $0.2400 resistance levels against the US dollar and the price is now trading well above the $0.2600 and the 100 simple moving average. There was also a break above the contracting triangle with the $0.2280 resistance on the 4-hour charts of ADA/USD with the pair having chances of continuing higher above $0.2800 in the upcoming session.

Over the past few days, Cardano’s price started a strong increase after settling above the $0.2000 with the price rallying strongly and it broke many important hurdles close to the $0.2250 and the $0.2300. There was a break above as well at the key contracting triangle with the resistance close to the $0.2280 on the 4-hour charts of the pair. It then opened the doors for more gains above this level and then the price was able to settle above the 100 simple moving average. The price traded above the $0.2650 level and traded to a new multi-week high with it consolidating the gains now above $0.2500 and the $0.2600 levels. The initial support on the downside is close to the $.2550 level.

Now, it is close to the 23.6% fib retracement level from the upward movement from the $0.1929 swing low to the $0.2751 high. The price could face stronger resistance near the $0.250 level and a close above the recent high will likely open the doors for more gains above $0.2800. The next major resistance on the upside is seen near the $0.3000 level. If ADA’s price doesn’t have the strength to clear the $0.2750 and the $0.2800 resistance level, it could correct lower. The initial support is also close to the $0.2500 level.

The main support was formed near the $0.2350 level but it then closed to the 50% fib retracement level of the recent upwards movement from $0.1929 swing low to the $0.2751 high. There’s also a connecting bullish trend line forming with the support near $0.2000 on the charts. Cardano’s rally isn’t over yet as the MACD for the pair is gaining strong pace in the bullish zone and the 4-hour RSI is now in the oversold territory.