HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim Strong Recovery

Cardano (ADA) Price Analysis: Bulls Aim Strong Recovery

Date:

Related stories

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...
spot_imgspot_img
  • ADA price started a fresh decline from the $1.35 resistance against the US Dollar.
  • The price is now trading below $1.20 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $1.165 on the 4-hours chart (data feed via Bitfinex).
  • The price might start a fresh increase if it manages to clear the $1.20 resistance zone.

Cardano price is struggling below the $1.20 resistance against the US Dollar, unlike bitcoin. ADA price must clear $1.20 to start a fresh increase.

Cardano Price Analysis

This week, cardano price saw a fresh decline below the $1.25 zone against the US Dollar. The ADA/USD pair traded below the $1.20 support level to enter a bearish zone.

The bears gained strength for a move below the $1.15 level and the 55 simple moving average (4-hours). A low was formed near $1.070, and the price is now correcting losses. There was a move above the $1.10 resistance zone.

The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $1.390 swing high to $1.070 low. It is now facing resistance near the $1.165 level.

There is also a major bearish trend line forming with resistance near $1.165 on the 4-hours chart. The next key resistance is near the $1.200 level, followed by $1.23. The 50% Fib retracement level of the downward move from the $1.390 swing high to $1.070 low is also near the $1.23.

A clear break above the $1.23 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 $1.125 level. The first major support is near $1.10. Any more losses might lead the price towards the $1.07 level, below which the bears could gain strength in the near term. In the stated case, the price could revisit $1.00.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $1.20 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if it manages to clear the $1.20 resistance zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now moving in the bullish zone.

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

Key Support Levels – $1.12 and $1.070.

Key Resistance Levels – $1.20 and $1.23.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img