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HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim Crucial Break above $0.18

Cardano (ADA) Price Analysis: Bulls Aim Crucial Break above $0.18

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  • ADA price found support near $0.1250 and started a fresh increase against the US Dollar.
  • The price is back above the $0.1580 resistance level and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $0.1580 on the 4-hours chart (data feed via Kraken).
  • The price is likely to rise sharply if it clears the $0.1780 and $0.1800 resistance levels.

Cardano price is showing a lot of positive signs above $0.1600 against the US Dollar, similar to bitcoin. ADA price is surge above $0.1800 as long as it is above $0.1580.

Cardano Price Analysis

Cardano price started a downside correction from the $0.1800 resistance against the US Dollar. The ADA/USD pair broke the $0.1500 support level and even spiked below the $0.1320 support.

However, the bulls were able to protect the $0.1250 support and the price remained stable above the 55 simple moving average (4-hours). ADA started a fresh increase and climbed above the $0.1400 and $0.1500 resistance levels.

There was also a close above the $0.1580 resistance. The price is now facing a strong resistance near the $0.1750, $0.1780 and $0.1800 levels. An initial support on the downside is near the $0.1620 level.

The 23.6% Fib retracement level of the recent wave from the $0.1228 low to $0.1738 high is also near the $0.1620 level. The first major support is likely forming near the $0.1580 level. There is also a major bullish trend line forming with support near $0.1580 on the 4-hours chart.

The next major support sits near the $0.1550 level or the 55 simple moving average (4-hours). Any further losses might lead the price towards the $0.1500 level or the 50% Fib retracement level of the recent wave from the $0.1228 low to $0.1738 high.

Conversely, the price could continue to rise above the $0.1738 swing high. The first key resistance is near the $0.1750 and $0.1780 levels.

The main resistance is still near the $0.1800 level. A close above the $0.1800 level could set the pace for a strong rise towards the $0.2000 resistance in the near term.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is showing a lot of positive signs above $0.1580 and the 55 SMA. Overall, the price is likely to rise sharply if it clears the $0.1780 and $0.1800 resistance levels.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is slowly losing momentum in the bullish zone.

4 hours RSI – The RSI for ADA/USD is currently well above the 50 level, with a flat structure.

Key Support Levels – $0.1620 and $0.1580.

Key Resistance Levels – $0.1750 and $0.1800.

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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