- 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.
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.
