- ADA price started a fresh increase after it tested the $1.32 support zone against the US Dollar.
- The price is now trading above the $1.50 zone and the 55 simple moving average (4-hours).
- There was a break above a major contracting triangle with resistance near $1.68 on the 4-hours chart (data feed via Bitfinex).
- The price could correct lower, but the bulls are likely to remain active near $1.58 and $1.55.
Cardano price is showing positive signs above the $1.50 zone against the US Dollar, similar to bitcoin. ADA price could rise steadily towards the $2.00 zone in the near term.
Cardano Price Analysis
In the past few days, cardano price formed a base above the $1.25 and $1.30 levels against the US Dollar. The ADA/USD pair traded as low as $1.33 recently and it started a fresh increase.
There was a clear break above the $1.45 and $1.50 resistance levels. The price cleared the 50% Fib retracement level of the recent decline from the $1.837 swing high to $1.337 low. There was also a break above a major contracting triangle with resistance near $1.68 on the 4-hours chart.
ADA is now trading above the $1.50 zone and the 55 simple moving average (4-hours). It is consolidating above the broken triangle resistance and $1.70. An immediate resistance on the upside is near the $1.84 level.
The next major resistance is near the $2.00 level. It is near the 1.236 Fib extension level of the recent decline from the $1.837 swing high to $1.337 low. A clear break above the $2.0 barrier could open the doors for a steady increase in the coming sessions.
The next major resistance is near the $2.15 level. On the downside, an intermediate support could be $1.650. The main support sits at $1.550 and the 55 SMA, below which the price could dive towards the $1.35 level.
The chart indicates that ADA price is clearly trading above $1.550 support and the 55 simple moving average (4-hours). Overall, the price could correct lower, but the bulls are likely to remain active near $1.58 and $1.55.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now gaining pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $1.600 and $1.550.
Key Resistance Levels – $1.800 and $2.000.
