Cardano (ADA) Price Analysis: Why It Could Soon Test $1
ADA price traded towards the $1.00 resistance level before correcting lower against the US Dollar. The price dived below $0.8000, but it recovered and settled above the 55 simple moving average (4-hours). There was a break above a key...
- ADA price traded towards the $1.00 resistance level before correcting lower against the US Dollar.
- The price dived below $0.8000, but it recovered and settled above the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.8650 on the 4-hours chart (data feed via Kraken).
- The price is likely to continue higher above the $0.9000 and $0.9200 resistance levels in the near term.
Cardano price is showing positive signs above $0.8500 against the US Dollar, similar to bitcoin. ADA price is likely to continue higher towards the main $1.00 barrier.
Cardano Price Analysis
Cardano price started a strong increase above the $0.7000 resistance against the US Dollar. The ADA/USD pair even cleared the $0.8000 resistance level to move further into a positive zone.
The price rallied above $0.9000 and it even traded close to the key $1.00 level. A high was formed near $0.9900 before there was a sharp downside correction. ADA declined heavily below the $0.9000 and $0.8000.
There was also a spike below the $0.7000 level and the 55 simple moving average (4-hours). However, the price recovered nicely above $0.8000 and it is back above the 55 simple moving average (4-hours). The bulls pushed the price above the 50% Fib retracement level of the downside correction from the $0.9900 high to $0.6850 low.
Moreover, there was a break above a key bearish trend line with resistance near $0.8650 on the 4-hours chart. The pair is now trading nicely above $0.8800. An immediate resistance is near the $0.9000 level.
The next key resistance is near the $0.9180 level or the 76.4% Fib retracement level of the downside correction from the $0.9900 high to $0.6850 low. Any more upsides may possibly open the doors for a steady increase towards the $1.00 resistance.
If there is a fresh decline, the broken trend line might provide support at $0.8500. Any more losses may possibly lead the price towards the $0.8000 support zone.
Cardano (ADA) Price
The chart indicates that ADA price is clearly trading nicely above $0.8500 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $0.9000 and $0.9200 resistance levels in the near term.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is showing positive signs in the bullish zone.
4 hours RSI – The RSI for ADA/USD is still above the 50 level.
Key Support Levels – $0.8500 and $0.8000.
Key Resistance Levels – $0.9200 and $1.00.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
