- 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.
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.
