Cardano (ADA) Price Analysis: Bulls Aim Fresh Increase Above $1.25
The post Cardano (ADA) Price Analysis: Bulls Aim Fresh Increase Above $1.25 appeared on BitcoinEthereumNews.com. ADA price started a fresh decline from the $1.30 resistance against the US Dollar. The price is now trading below $1.25 and the 55...
- ADA price started a fresh decline from the $1.30 resistance against the US Dollar.
- The price is now trading below $1.25 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $1.27 on the 4-hours chart (data feed via Bitfinex).
- The price might start a fresh increase if there is a clear break above the $1.25 and $1.28 levels.
Cardano price is struggling below the $1.30 resistance against the US Dollar, unlike bitcoin. ADA price must clear $1.25 to start a fresh increase.
Cardano Price Analysis
This week, cardano price saw a fresh decline from the $1.30 zone against the US Dollar. The ADA/USD pair traded below the $1.25 support level to enter a bearish zone.
The bears gained strength for a move below the $1.22 level and the 55 simple moving average (4-hours). A low was formed near $1.201, and the price is now correcting losses. There was a move above the $1.22 resistance zone.
It is facing resistance near the $1.255 level. It is close to the 50% Fib retracement level of the downward move from the $1.312 swing high to $1.201 low.
The next key resistance is near the $1.280 level. There is also a major bearish trend line forming with resistance near $1.27 on the 4-hours chart. It is close to the 76.4% Fib retracement level of the downward move from the $1.312 swing high to $1.201 low.
A clear break above the $1.280 resistance could pump the price towards the $1.30 level. Any more gains could push the price towards the $1.35 level.
On the downside, an immediate support is near the $1.225 level. The first major support is near $1.22. Any more losses might lead the price towards the $1.20 level, below which the bears could gain strength in the near term. In the stated case, the price could revisit $1.12.
Cardano Price
The chart indicates that ADA price is now trading below $1.30 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if there is a clear break above the $1.25 and $1.28 levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is still moving in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $1.20 and $1.15.
Key Resistance Levels – $1.28 and $1.30.
Tags: ADA, Cardano
Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-bulls-aim-fresh-increase-above-1-25/
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