- ADA price is correcting gains from the $0.270 zone against the US Dollar.
- The price is now trading above $0.250 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.256 on the 4-hours chart (data feed via Coinbase).
- The price could start a fresh increase if it clears the $0.265 and $0.270 resistance levels.
Cardano’s price is rising above $0.255 against the US Dollar, similar to Bitcoin. ADA price could resume its rally if there is a clear move above the $0.270 resistance.
Cardano Price (ADA) Analysis
This past week, Cardano’s price started a steady increase above the $0.250 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.255 and $0.262 levels.
The price tested the $0.270 zone. A high was formed near $0.2697 and the price is now correcting lower. There was a move below the $0.2650 support zone. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.2405 swing low to the $0.2607 high.
However, ADA price is now trading above $0.256 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.2650 zone.
The next major resistance is near the $0.270 zone. A clear move above the $0.270 resistance might start a strong increase toward $0.285. Any more gains above the $0.285 resistance might send the price toward the $0.300 resistance or even $0.325.
On the downside, immediate support is near the $0.256 level. There is also a key bullish trend line forming with support near $0.256 on the 4-hours chart.
The next major support is near the $0.255 level. It is near the 50% Fib retracement level of the upward move from the $0.2405 swing low to the $0.2607 high. A clear move below the $0.255 level might send the price toward the $0.232 level. Any more losses might send the price toward the $0.220 support.
The chart indicates that ADA price is now trading above $0.255 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.265 and $0.270 resistance levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $0.255 and $0.240.
Key Resistance Levels – $0.2650 and $0.270.
