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HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim Fresh Increase Above $1.25

Cardano (ADA) Price Analysis: Bulls Aim Fresh Increase Above $1.25

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  • ADA price started a fresh decline from the $1.30 resistance against the US Dollar.
  • The price is now trading below $1.25 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $1.27 on the 4-hours chart (data feed via Bitfinex).
  • The price might start a fresh increase if there is a clear break above the $1.25 and $1.28 levels.

Cardano price is struggling below the $1.30 resistance against the US Dollar, unlike bitcoin. ADA price must clear $1.25 to start a fresh increase.

Cardano Price Analysis

This week, cardano price saw a fresh decline from the $1.30 zone against the US Dollar. The ADA/USD pair traded below the $1.25 support level to enter a bearish zone.

The bears gained strength for a move below the $1.22 level and the 55 simple moving average (4-hours). A low was formed near $1.201, and the price is now correcting losses. There was a move above the $1.22 resistance zone.

It is facing resistance near the $1.255 level. It is close to the 50% Fib retracement level of the downward move from the $1.312 swing high to $1.201 low.

The next key resistance is near the $1.280 level. There is also a major bearish trend line forming with resistance near $1.27 on the 4-hours chart. It is close to the 76.4% Fib retracement level of the downward move from the $1.312 swing high to $1.201 low.

A clear break above the $1.280 resistance could pump the price towards the $1.30 level. Any more gains could push the price towards the $1.35 level.

On the downside, an immediate support is near the $1.225 level. The first major support is near $1.22. Any more losses might lead the price towards the $1.20 level, below which the bears could gain strength in the near term. In the stated case, the price could revisit $1.12.

Cardano Price
Cardano Price

The chart indicates that ADA price is now trading below $1.30 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if there is a clear break above the $1.25 and $1.28 levels.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is still moving in the bearish zone.

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

Key Support Levels – $1.20 and $1.15.

Key Resistance Levels – $1.28 and $1.30.

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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