- 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.
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.
