HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim Larger Rally Above $1.35

Cardano (ADA) Price Analysis: Bulls Aim Larger Rally Above $1.35

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  • ADA price started a fresh increase after it found support near $1.00 against the US Dollar.
  • The price is now trading above $1.30 and the 55 simple moving average (4-hours).
  • There was a break above a crucial bearish trend line with resistance near $1.30 on the 4-hours chart (data feed via Bitfinex).
  • The price is consolidating above the trend line and it could rally above the $1.35 resistance zone.

Cardano price is trading in a positive zone above $1.30 against the US Dollar, similar to bitcoin. ADA price could continue to move higher if it breaks $1.35.

Cardano Price Analysis

There were additional losses in cardano price below the $1.20 support zone against the US Dollar. The ADA/USD pair even declined below $1.10 and moved further into a bearish zone.

It even traded close to the $1.00 level before the bulls appeared. A low was formed near $1.01 before the price started a fresh increase. It broke many hurdles near the $1.20 and $1.25 levels. There was a break above the 50% Fib retracement level of the key decline from the $1.46 swing high to $1.01 low.

There was also a break above a crucial bearish trend line with resistance near $1.30 on the 4-hours chart. The pair is now trading above $1.30 and the 55 simple moving average (4-hours).

It seems to be consolidating gains near the 76.4% Fib retracement level of the key decline from the $1.46 swing high to $1.01 low. An immediate resistance is near the $1.35 level. A clear close above the $1.35 level could spark a strong increase.

The next major resistance is near the $1.45 level. A close above the $1.35 and $1.40 levels could open the doors for a steady increase.

On the downside, there is a decent support forming near $1.30. The next key support is near the $1.20 level. Any more losses might call for a move towards the $1.00 support zone.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is clearly trading nicely above $1.30 and the 55 simple moving average (4-hours). Overall, the price is consolidating above the trend line and it could rally above the $1.35 resistance zone.

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 just above the 50 level.

Key Support Levels – $1.30 and $1.20.

Key Resistance Levels – $1.35 and $1.45.

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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