- ADA price is gaining pace above the $0.1000 and $0.1100 resistance levels against the US Dollar.
- The price is trading nicely above the 55 simple moving average (4-hours) and $0.1100.
- There was a break above a short-term declining channel with resistance near $0.1080 on the 4-hours chart (data feed via Kraken).
- The price is likely to further rally and accelerate higher if it clears the key $0.1150 resistance.
Cardano price is showing positive signs above the $0.1100 level against the US Dollar, similar to bitcoin. ADA price is likely to continue higher above $0.1200 in the near term.
Cardano Price Analysis
Cardano price formed a strong support base above the $0.0950 and $0.1000 levels against the US Dollar. The ADA/USD pair remained well bid and it gained pace above the $0.1050 resistance level.
There was a break above the $0.1100 resistance and the price settled well above the 55 simple moving average (4-hours). During the rise, there was a break above a short-term declining channel with resistance near $0.1080 on the 4-hours chart.
It traded to a new weekly high at $0.1141 and it is currently trading with a bullish angle. An initial support is near the $0.1130 level. The next major support is near the $0.1080 level. It is close to the 50% Fibonacci retracement level of the recent increase from the $0.1021 low to $0.1141 high.
Any further losses could lead the price towards the main $0.1050 support or the 76.4% Fibonacci retracement level of the recent increase from the $0.1021 low to $0.1141 high.
On the upside, the $0.1150 level presents a key hurdle for the bulls. A successful break above the $0.1150 level could lead the price towards the $0.1200 resistance. The next major resistance is near the $0.1220. Any further might call for a test of the $0.1320 resistance in the coming days. An intermediate resistance might be near the $0.1280 level.
The chart indicates that ADA price is showing signs of more upsides above the $0.1200 level. Overall, there might be a downside correction below $0.1120, but the bulls are likely to protect the $0.1080 support zone in the near term.
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 currently rising and it is well above the 60 level.
Key Support Levels – $0.1100 and $0.1080.
Key Resistance Levels – $0.1150 and $0.1200.
