Cardano (ADA) Price Analysis: Key Hurdle At $2.25

• ADA price is struggling to clear the $2.20 and $2.25 resistance levels against the US Dollar.
• The price is now trading above $2.15 and the 55 simple moving average (4-hours).
• There is a key bearish trend line forming with resistance near $2.25 on the 4-hours chart (data feed via Bitfinex).
• The price might start a fresh increase if it manages to clear the $2.25 resistance zone.

Cardano price is struggling below the $2.25 resistance against the US Dollar, unlike bitcoin. ADA price must clear $2.25 to start a fresh increase.

Cardano Price Analysis

After a close above $2.20, cardano price attempted a break above the $2.25 resistance zone against the US Dollar. The ADA/USD pair spiked above $2.25, but it failed to stay in the positive zone.

It traded as high as $2.298 before there was a sharp bearish wave. The price declined below the $2.15 support and the 55 simple moving average (4-hours). The price even traded below the $2.05 level. A low is formed near $2.00 and it is now slowly rising.

There was a break above the $2.15 level and the 55 simple moving average (4-hours). The price climbed above the 50% Fib retracement level of the downward move from the $2.29 swing high to $2.00 low. An immediate resistance on the upside is near the $2.20 level.

The 61.8% Fib retracement level of the downward move from the $2.29 swing high to $2.00 low is also near the $2.20 level. The next major resistance is near the $2.25 level.

There is also a key bearish trend line forming with resistance near $2.25 on the 4-hours chart. If there is an upside break above the $2.25 zone, the price could rally above $2.30. The next major resistance could be near the $2.50 level.

On the downside, an immediate support is near the $2.15 level. The first major support is near $2.07. Any more losses might lead the price towards the $2.00 level, below which the bears could gain strength in the near term.

The chart indicates that ADA price is now trading above $2.15 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if it manages to clear the $2.25 resistance zone.

Technical Indicators

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

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

Key Support Levels – $2.15 and $2.07.

Key Resistance Levels – $2.20 and $2.25.

Tags: ADA, Cardano