HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim $0.20 or Higher

Cardano (ADA) Price Analysis: Bulls Aim $0.20 or Higher

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  • ADA price started a fresh increase above the key $0.1550 resistance against the US Dollar.
  • The price is now trading well above $0.1700 and the 55 simple moving average (4-hours).
  • There was a break above a crucial contracting triangle with resistance near $0.1650 on the 4-hours chart (data feed via Kraken).
  • The price is likely to continue higher towards $0.1950 and $0.2000 in the coming sessions.

Cardano price is showing positive signs above $0.1700 against the US Dollar, similar to bitcoin. ADA price must stay above $0.1600 to continue higher towards $0.2000 in the near term.

Cardano Price Analysis

Cardano price climbed higher steadily after it settled above $0.1400 against the US Dollar. The ADA/USD pair even settled above the $0.1500 zone and the 55 simple moving average (4-hours).

It opened the doors for more upsides above $0.1600 and $0.1620. More importantly, there was a break above a crucial contracting triangle with resistance near $0.1650 on the 4-hours chart. The price cleared the $0.1700 barrier to continue higher.

Finally, it traded to a new monthly high at $0.1926 before correcting lower. There was a drop below the $0.1850 support level. The price even broke the 23.6% Fib retracement level of the main upward move from the $0.1492 swing low to $0.1926 high.

However, the price remained well bid near $0.1750 and above $0.1720. The 50% Fib retracement level of the main upward move from the $0.1492 swing low to $0.1926 high is also intact.

The price is rising again and trading above $0.1800. An initial resistance is near the $0.1850 level. A clear break above $0.1850 could open the doors for a push towards the $0.1920 and $0.1950 levels. The next major resistance is near the $0.2000 level.

Conversely, the price could correct again and test $0.1700. The next major support on the downside is near the $0.1600 level and the 55 simple moving average (4-hours), where the bulls are likely to appear.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is showing a few bullish signs above $0.1700 and the 55 SMA. Overall, the price is likely to continue higher towards $0.1950 and $0.2000 in the coming sessions.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is again gaining pace in the bullish zone.

4 hours RSI – The RSI for ADA/USD is currently rising towards the 70 level.

Key Support Levels – $0.1850 and $0.1920.

Key Resistance Levels – $0.1700 and $0.1600.

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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