Cardano (ADA) Price Analysis: Bulls Aim Fresh Rally To $2

ADA price started a fresh increase after it tested the $1.32 support zone against the US Dollar.
The price is now trading above the $1.50 zone and the 55 simple moving average (4-hours).
There was a break above a major contracting triangle with resistance near $1.68 on the 4-hours chart (data feed via Bitfinex).
The price could correct lower, but the bulls are likely to remain active near $1.58 and $1.55.

Cardano price is showing positive signs above the $1.50 zone against the US Dollar, similar to bitcoin. ADA price could rise steadily towards the $2.00 zone in the near term.

Cardano Price Analysis

In the past few days, cardano price formed a base above the $1.25 and $1.30 levels against the US Dollar. The ADA/USD pair traded as low as $1.33 recently and it started a fresh increase.

There was a clear break above the $1.45 and $1.50 resistance levels. The price cleared the 50% Fib retracement level of the recent decline from the $1.837 swing high to $1.337 low. There was also a break above a major contracting triangle with resistance near $1.68 on the 4-hours chart.

ADA is now trading above the $1.50 zone and the 55 simple moving average (4-hours). It is consolidating above the broken triangle resistance and $1.70. An immediate resistance on the upside is near the $1.84 level.

The next major resistance is near the $2.00 level. It is near the 1.236 Fib extension level of the recent decline from the $1.837 swing high to $1.337 low. A clear break above the $2.0 barrier could open the doors for a steady increase in the coming sessions.

The next major resistance is near the $2.15 level. On the downside, an intermediate support could be $1.650. The main support sits at $1.550 and the 55 SMA, below which the price could dive towards the $1.35 level.

Cardano (ADA) Price

The chart indicates that ADA price is clearly trading above $1.550 support and the 55 simple moving average (4-hours). Overall, the price could correct lower, but the bulls are likely to remain active near $1.58 and $1.55.