- ADA price tested the $0.1500 resistance zone and corrected lower against the US Dollar.
- The price is currently trading well above the $0.1400 level and the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $0.1495 on the 4-hours chart (data feed via Kraken).
- The price is likely to accelerate higher if there is a clear close above the $0.1500 resistance.
Cardano price is trading in a nice uptrend above $0.1350 against the US Dollar, similar to bitcoin. ADA price must stay above the $0.1400 support for another surge.
Cardano Price Analysis
In the past few days, there was a strong upward move in cardano price above the $0.1300 resistance against the US Dollar. The ADA/USD pair even settled above the $0.1350 level and the 55 simple moving average (4-hours).
Finally, the price spiked above the $0.1500 resistance level. It tested the $0.1550 resistance zone and a new monthly high is formed near $0.1553. Recently, there was a downside correction below $0.1500 and $0.1400.
However, the decline was protected by the $0.1300 support zone and the 55 simple moving average (4-hours). A swing low is formed near $0.1307 and the price is currently rising. It surpassed the $0.1400 barrier, plus the 50% Fibonacci retracement level of the recent decline from the $0.1553 high to $0.1307 low.
The price is now facing hurdles near the $0.1480 and $0.1490 levels. The 76.4% Fibonacci retracement level of the recent decline from the $0.1553 high to $0.1307 low is also acting as a hurdle.
A successful break above the triangle resistance and $0.1500 level could start a fresh increase in the near term. The next major resistance zone is near the $0.1550 level, above which it could surge towards $0.1650.
Conversely, there is a risk of a bearish break below the $0.1440 support zone. If there is a clear break below the $0.1400 support zone, the price is likely to revisit the $0.1300 support in the coming sessions.
The chart indicates that ADA price is clearly trading in a positive zone above $0.1400. It could dip a few points, there are high chances of more upsides above the $0.1500 and $0.1550 resistance levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is currently struggling to gain pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is still well above the 50 level.
Key Support Levels – $0.1420 and $0.1400.
Key Resistance Levels – $0.1500 and $0.1550.
