Cardano (ADA) Price Analysis: Break above $1.50 Seems Likely
ADA price is struggling to clear the $1.50 resistance against the US Dollar. The price is now well above the $1.40 support and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support...
- ADA price is struggling to clear the $1.50 resistance against the US Dollar.
- The price is now well above the $1.40 support and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $1.44 on the 4-hours chart (data feed via Bitfinex).
- The price could start a strong increase if it clears the key $1.50 resistance zone in the near term.
Cardano price is facing an uphill task near $1.50 against the US Dollar, while bitcoin is rising. ADA price must stay above $1.40 to remain in a positive territory.
Cardano Price Analysis
After trading close to the $1.30 support, cardano price started a fresh increase against the US Dollar. The ADA/USD pair broke the $1.40 resistance to move into a positive zone.
The price even climbed above the $1.45 level and settled nicely above the 55 simple moving average (4-hours). However, the price seems to be facing a strong resistance near the $1.50 level. A high is formed near $1.50 and the price is now consolidating gains.
There was a break below the $1.480 level. It traded below the 23.6% Fib retracement level of the upward wave from the $1.393 swing low to $1.500 high.
The first key support on the downside is near the $1.447 level. It is close to the 50% Fib retracement level of the upward wave from the $1.393 swing low to $1.500 high. There is also a key bullish trend line forming with support near $1.44 on the 4-hours chart.
If there is a downside break below the trend line, the price could revisit the $1.40 support. The main support is near the $1.385 zone and the 55 simple moving average (4-hours). Any more losses could lead the price towards the $1.30 support.
On the upside, an initial resistance is near the $1.480 level. The first major resistance is now near the $1.495 level. The main hurdle is still near the $1.50 level. A clear close above the $1.50 level could spark a decent move towards the $1.65 level.
Cardano Price
The chart indicates that ADA price is now well above the $1.40 support and the 55 simple moving average (4-hours). Overall, the price could start a strong increase if it clears the key $1.50 resistance zone in the near term.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $1.44 and $1.40.
Key Resistance Levels – $1.50 and $1.65.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
