HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aiming Crucial Break above $0.09

Cardano (ADA) Price Analysis: Bulls Aiming Crucial Break above $0.09

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  • ADA price is showing positive signs above the $0.0800 resistance zone against the US Dollar.
  • The price is facing a significant resistance zone near the $0.0885 and $0.0900 levels.
  • There was a break above a major bearish trend line with resistance near $0.0820 on the 4-hours chart (data feed via Kraken).
  • The price must clear the $0.0900 resistance to continue higher towards $0.1000 in the near term.

Cardano price is moving in a bullish zone above $0.0800 against the US Dollar, similar to bitcoin. ADA price seems to be eyeing a crucial upside break above the $0.0900 resistance.

Cardano Price Analysis

Cardano price formed a strong support base above the $0.0720 level and started a steady increase against the US Dollar. The ADA/USD pair broke the $0.0780 level and the 55 simple moving average (4-hours) to move into a positive zone.

The recent increase was such that the price settled above the $0.0800 resistance. Moreover, there was a break above a major bearish trend line with resistance near $0.0820 on the 4-hours chart.

The pair is now trading nicely above $0.0840 and recently traded as high as $0.0860. An initial support is near the $0.0840 level, which is close to the 23.6% Fibonacci retracement level of the upward move from the $0.0769 low to $0.0860 high.

The main support is now forming near the $0.0815 level. It represents the 50% Fibonacci retracement level of the upward move from the $0.0769 low to $0.0860 high. The last line of defense for the current wave could be near $0.0800 or the 55 simple moving average (4-hours).

Any further losses may perhaps lead cardano price towards the $0.0720 support zone. Conversely, the price is likely to continue higher above the $0.0880 and $0.0900 resistance levels.

A successful close above the $0.0900 level could open the doors for a sharp increase. The next key resistance is near the $0.1000 level, which might act as a strong hurdle and sell zone in the coming sessions.

Cardano Price
Cardano Price

The chart indicates that ADA price is trading facing a significant resistance zone near the $0.0885 and $0.0900 levels. The current structure suggests high chances of an upside break above the $0.0900 resistance as long as the price is above $0.0815.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is currently gaining traction in the bullish zone.

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

Key Support Levels – $0.0815 and $0.0800.

Key Resistance Levels – $0.0900 and $0.1000.

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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