HomeAltcoin NewsCardano (ADA) Price Analysis: Bullish Continuation Possible Above $2.25

Cardano (ADA) Price Analysis: Bullish Continuation Possible Above $2.25

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  • ADA price started a fresh increase above the $2.00 resistance against the US Dollar.
  • The price is now well above the $2.00 support and the 55 simple moving average (4-hours).
  • There is a key bullish continuation pattern forming with resistance near $2.18 on the 4-hours chart (data feed via Bitfinex).
  • The price could start another strong increase if it clears the $1.25 resistance zone in the near term.

Cardano price is showing positive signs above $2.00 against the US Dollar, similar to bitcoin. ADA price must stay above $2.00 to continue higher in the near term.

Cardano Price Analysis

After a close above the $1.50 level, cardano price started a fresh increase against the US Dollar. The ADA/USD pair broke the $1.80 resistance to move further into a positive zone.

The price even climbed above the $2.00 level and settled nicely above the 55 simple moving average (4-hours). The upward move was such that the price surpassed the $2.20 level. A high is formed near $2.25 and the price is now consolidating gains.

There was a break below the $2.20 level. It traded below the 23.6% Fib retracement level of the upward wave from the $1.68 swing low to $2.25 high.

It is now trading nicely above the $2.00 support and the 55 simple moving average (4-hours). There is also a key bullish continuation pattern forming with resistance near $2.18 on the 4-hours chart. If there is an upside break above the channel resistance, the price could rally again above $2.20.

The next major resistance is now near the $2.25 level. A clear close above the $2.25 level could spark another upward move. The next target for the bulls could be $2.50.

The first key support on the downside is near the $2.00 level. The next major support is near the $1.95 level. It is close to the 50% Fib retracement level of the upward wave from the $1.68 swing low to $2.25 high. If there is a downside break below the $2.00 and $1.95 support levels, the price could revisit the $1.80 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now well above the $2.00 support and the 55 simple moving average (4-hours). Overall, the price could start another strong increase if it clears the $1.25 resistance zone in the near term.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is still placed in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now above the 50 level.

Key Support Levels – $2.00 and $1.95.

Key Resistance Levels – $2.20 and $2.25.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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