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Livebitcoinnews

08/17/2021

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Cardano (ADA) Price Analysis: Bullish Continuation Possible Above $2.25

ADA price started a fresh increase above the $2.00 resistance against the US Dollar. The price is now well above the $2.00 support and the 55 simple moving average (4-hours). There is a key bullish continuation pattern forming with...

Cardano (ADA) Price Analysis: Bullish Continuation Possible Above $2.25
  • ADA price started a fresh increase above the $2.00 resistance against the US Dollar.
  • The price is now well above the $2.00 support and the 55 simple moving average (4-hours).
  • There is a key bullish continuation pattern forming with resistance near $2.18 on the 4-hours chart (data feed via Bitfinex).
  • The price could start another strong increase if it clears the $1.25 resistance zone in the near term.

Cardano price is showing positive signs above $2.00 against the US Dollar, similar to bitcoin. ADA price must stay above $2.00 to continue higher in the near term.

Cardano Price Analysis

After a close above the $1.50 level, cardano price started a fresh increase against the US Dollar. The ADA/USD pair broke the $1.80 resistance to move further into a positive zone.

The price even climbed above the $2.00 level and settled nicely above the 55 simple moving average (4-hours). The upward move was such that the price surpassed the $2.20 level. A high is formed near $2.25 and the price is now consolidating gains.

There was a break below the $2.20 level. It traded below the 23.6% Fib retracement level of the upward wave from the $1.68 swing low to $2.25 high.

It is now trading nicely above the $2.00 support and the 55 simple moving average (4-hours). There is also a key bullish continuation pattern forming with resistance near $2.18 on the 4-hours chart. If there is an upside break above the channel resistance, the price could rally again above $2.20.

The next major resistance is now near the $2.25 level. A clear close above the $2.25 level could spark another upward move. The next target for the bulls could be $2.50.

The first key support on the downside is near the $2.00 level. The next major support is near the $1.95 level. It is close to the 50% Fib retracement level of the upward wave from the $1.68 swing low to $2.25 high. If there is a downside break below the $2.00 and $1.95 support levels, the price could revisit the $1.80 support.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now well above the $2.00 support and the 55 simple moving average (4-hours). Overall, the price could start another strong increase if it clears the $1.25 resistance zone in the near term.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is still placed in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now above the 50 level.

Key Support Levels – $2.00 and $1.95.

Key Resistance Levels – $2.20 and $2.25.

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