- ADA price is showing positive signs above the $0.1050 resistance against the US Dollar.
- The price is facing hurdles near $0.1110, but it is above the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.1070 on the 4-hours chart (data feed via Kraken).
- The price could either decline towards the $0.1025 support or it might continue to rise towards $0.1150.
Cardano price is showing positive signs above the $0.1050 level against the US Dollar, similar to bitcoin. ADA price is likely to continue higher as long as it is trading above $0.1025.
Cardano Price Analysis
Cardano price started a downside correction after testing the $0.1140 zone against the US Dollar. The ADA/USD pair corrected below the $0.1120 and $0.1100 support levels.
It traded close to the $0.1000 support level. A low was formed near $0.1025 before the price started a fresh upward move. The price climbed back above $0.1080, but it is struggling to gain momentum above the $0.1110 level.
The price is currently correcting lower below $0.1080, but it is above the 55 simple moving average (4-hours). There was a break below the 23.6% Fibonacci retracement level of the recent increase from the $0.1025 low to $0.1110 high.
The price is now trading near a key support at $0.1070. There is also a major bullish trend line forming with support near $0.1070 on the 4-hours chart. The next support is near the $0.1055 level since it is close to the 61.8% Fibonacci retracement level of the recent increase from the $0.1025 low to $0.1110 high.
The main support is still near the $0.1025 level, below which the price might start a strong decline. The next stop for the bears might be near the $0.0940 level.
On the upside, the $0.1110 level presents a key hurdle for the bulls. A successful break above the $0.1100 and $0.1110 resistance levels could lead the price towards the $0.1150 resistance. The next major resistance is near the $0.1200.
The chart indicates that ADA price is showing positive signs above the $0.1050 resistance. Overall, the price could either decline towards the $0.1025 support or it might continue to rise towards $0.1150.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is currently correcting lower towards the 50 level.
Key Support Levels – $0.1070 and $0.1025.
Key Resistance Levels – $0.1100 and $0.1150.
