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HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim Fresh Rally To $2

Cardano (ADA) Price Analysis: Bulls Aim Fresh Rally To $2

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  • 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.

Cardano (ADA) Price
Cardano (ADA) Price

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.

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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