- ADA price started a consolidation phase above $1.00 against the US Dollar.
- The price is now trading near $1.05 and the 55 simple moving average (4-hours).
- There is a major breakout pattern forming with resistance near $1.055 on the 4-hours chart (data feed via Bitfinex).
- The price might start a fresh increase if it manages to stay above the $1.00 zone.
Cardano price is gaining pace above $1.02 against the US Dollar, similar to bitcoin. ADA price could start another increase if it surpassed $1.055 and $1.080.
Cardano Price Analysis
This week, cardano price saw a consolidation phase above the $1.00 support zone against the US Dollar. The ADA/USD pair formed a base above the $1.00 level and recently corrected a few points higher.
There was a spike above the $1.05 and $1.08 resistance levels. It even surpassed the 23.6% Fib retracement level of the downward move from the $1.638 high to $0.9175 low. However, the bears were active near the $1.15 zone.
The price retreated lower and traded below the $1.08 level. It is now trading near $1.05 and the 55 simple moving average (4-hours). Besides, there is a major breakout pattern forming with resistance near $1.055 on the 4-hours chart.
On the upside, the price is facing resistance near the $1.055 level. The next key resistance is near the $1.15 level, above which the price could rise steadily. The next hurdle could be near the 50% Fib retracement level of the downward move from the $1.638 high to $0.9175 low at $1.27.
A clear break above the $1.27 resistance could pump the price towards the $1.40 level. Any more gains could push the price towards the $1.50 level.
On the downside, an immediate support is near the $1.02 level. The first major support is near $1.00. Any more losses might lead the price towards the $0.95 level. A break below $0.95 could push the price towards the $0.88 level.
The chart indicates that ADA price is now trading near $1.05 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if it manages to stay above the $1.00 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 55 level.
Key Support Levels – $1.02 and $1.00.
Key Resistance Levels – $1.055 and $1.15.
