- ADA price started a fresh increase after testing the $1.00 support against the US Dollar.
- The price is now trading above the $1.200 support and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $1.150 on the 4-hours chart (data feed via Bitfinex).
- The price is likely to continue high above the $1.300 and $1.348 resistance levels.
Cardano price is rising and trading above $1.200 against the US Dollar, similar to bitcoin. ADA price could accelerate gains once it clears the $1.300 resistance.
Cardano Price Analysis
After a steady decline, cardano price found support near the $1.00 zone against the US Dollar. The ADA/USD pair traded as low as $0.911 before it started a fresh increase.
There was a clear break above the $1.050 and $1.110 resistance levels. There was also a break above a major bearish trend line with resistance near $1.150 on the 4-hours chart. The pair is now trading above the $1.200 support and the 55 simple moving average (4-hours).
It broke the 50% Fib retracement level of the downward move from the $1.559 high to $0.911 low. It is now showing positive signs and trading nicely above $1.200.
An immediate resistance is seen near the $1.300 level. It is near the 61.8% Fib retracement level of the downward move from the $1.559 high to $0.911 low. The main resistance is near the $1.350 level. A clear break above the $1.350 resistance zone could set the pace for a sharp increase in the coming sessions.
The next stop for the bulls could be near the $1.500 level. Conversely, the price might start a downside correcting below the $1.240 level. The first key support is near the $1.200 level and the 55 simple moving average (4-hours). Any more losses might call for a bearish wave towards the $1.100 support zone in the coming sessions. The main support is still near the $1.00 zone.
The chart indicates that ADA price is clearly trading nicely above the $1.200 level and the 55 simple moving average (4-hours). Overall, the price is likely to continue high above the $1.300 and $1.348 resistance levels.
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 well above the 50 level.
Key Support Levels – $1.200 and $1.100.
Key Resistance Levels – $1.300 and $1.350.
