- ADA price is currently consolidating above the $0.0920 support zone against the US Dollar.
- The price is facing a strong resistance near the $0.0980 level, but it is above the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance near $0.0985 on the 4-hours chart (data feed via Kraken).
- The price is likely to accelerate higher if it clears the $0.0985 and $0.1000 resistance levels in the near term.
Cardano price is currently consolidating above $0.0920 against the US Dollar, while bitcoin is rising. ADA price could start a strong upward move if it clears the $0.1000 barrier.
Cardano Price Analysis
After a strong decline, cardano price found support above the $0.0850 level against the US Dollar. The ADA/USD pair formed a support base and recently started a decent increase above the $0.0900 level.
There was a break above the $0.0920 resistance level and the price settled above the 55 simple moving average (4-hours). It surpassed the 23.6% Fibonacci retracement level of the key downward wave from the $0.1281 high to $0.0855 low.
It seems like there is a major contracting triangle forming with resistance near $0.0985 on the 4-hours chart. If there is a break above the triangle resistance, the price could test the $0.1000 resistance level.
The next major resistance is near the $0.1060 level since it is close to the 50% Fibonacci retracement level of the key downward wave from the $0.1281 high to $0.0855 low. A successful close above the $0.1000 and $0.1060 levels could open the doors for a larger upward move.
Conversely, the price might restart its decline below the triangle support and the 55 simple moving average (4-hours). The next major support is near the $0.0920 level. The main support is near the $0.0855 swing low, below which the bears are likely to aim a sharp decline towards $0.0780 or the $0.0750 support.
The chart indicates that ADA price is clearly currently trading in a positive zone above the $0.0920 support level and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher if it clears the $0.0985 and $0.1000 resistance levels in the near term.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is struggling to gain momentum in the bullish zone.
4 hours RSI – The RSI for ADA/USD is just below the 50 level, with a minor bearish angle.
Key Support Levels – $0.0940 and $0.00920.
Key Resistance Levels – $0.0980 and $0.1000.
