- ADA price started a fresh increase above the $2.20 resistance against the US Dollar.
- The price is now well above the $2.50 support and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $2.80 on the 4-hours chart (data feed via Bitfinex).
- The price could start another strong increase if it clears the $3.00 resistance zone in the near term.
Cardano price is showing positive signs above $2.50 against the US Dollar, similar to bitcoin. ADA price must stay above $2.50 to continue higher in the near term.
Cardano Price Analysis
After a close above the $2.00 level, cardano price started a fresh increase against the US Dollar. The ADA/USD pair broke the $2.50 resistance to move further into a positive zone.
The price even climbed above the $2.65 level and settled nicely above the 55 simple moving average (4-hours). The upward move was such that the price surpassed the $2.80 level. A high is formed near $2.97 and the price is now consolidating gains.
There was a break below the $2.90 level. It is now testing the 23.6% Fib retracement level of the upward wave from the $2.38 swing low to $2.97 high.
An immediate support is near the $2.82 level. The first major support is near the $2.80 level. There is also a key bullish trend line forming with support near $2.80 on the 4-hours chart. The next major support is near the $2.65 level.
It is close to the 50% Fib retracement level of the upward wave from the $2.38 swing low to $2.97 high. If there is a downside break below the $2.80 and $2.65 support levels, the price could revisit the $2.50 support.
On the upside, the price is facing a major resistance near the $3.00 zone. If there is an upside break above the $3.00 zone, the price could rally towards $3.25. The next major resistance is now near the $3.50 level.
The chart indicates that ADA price is now well above the $2.50 support and the 55 simple moving average (4-hours). Overall, the price could start another strong increase if it clears the $3.00 resistance zone in the near term.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is still in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 60 level.
Key Support Levels – $2.80 and $2.65.
Key Resistance Levels – $3.00 and $3.25.
