Cardano (ADA) Price Analysis: Bulls Aim Larger Rally Above $1.35
ADA price started a fresh increase after it found support near $1.00 against the US Dollar. The price is now trading above $1.30 and the 55 simple moving average (4-hours). There was a break above a crucial bearish trend...
- ADA price started a fresh increase after it found support near $1.00 against the US Dollar.
- The price is now trading above $1.30 and the 55 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $1.30 on the 4-hours chart (data feed via Bitfinex).
- The price is consolidating above the trend line and it could rally above the $1.35 resistance zone.
Cardano price is trading in a positive zone above $1.30 against the US Dollar, similar to bitcoin. ADA price could continue to move higher if it breaks $1.35.
Cardano Price Analysis
There were additional losses in cardano price below the $1.20 support zone against the US Dollar. The ADA/USD pair even declined below $1.10 and moved further into a bearish zone.
It even traded close to the $1.00 level before the bulls appeared. A low was formed near $1.01 before the price started a fresh increase. It broke many hurdles near the $1.20 and $1.25 levels. There was a break above the 50% Fib retracement level of the key decline from the $1.46 swing high to $1.01 low.
There was also a break above a crucial bearish trend line with resistance near $1.30 on the 4-hours chart. The pair is now trading above $1.30 and the 55 simple moving average (4-hours).
It seems to be consolidating gains near the 76.4% Fib retracement level of the key decline from the $1.46 swing high to $1.01 low. An immediate resistance is near the $1.35 level. A clear close above the $1.35 level could spark a strong increase.
The next major resistance is near the $1.45 level. A close above the $1.35 and $1.40 levels could open the doors for a steady increase.
On the downside, there is a decent support forming near $1.30. The next key support is near the $1.20 level. Any more losses might call for a move towards the $1.00 support zone.
Cardano (ADA) Price
The chart indicates that ADA price is clearly trading nicely above $1.30 and the 55 simple moving average (4-hours). Overall, the price is consolidating above the trend line and it could rally above the $1.35 resistance zone.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now gaining pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now just above the 50 level.
Key Support Levels – $1.30 and $1.20.
Key Resistance Levels – $1.35 and $1.45.
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