ADA price started a strong increase above the $0.90 resistance against the US Dollar.
The price is now trading above $1.00 and the 55 simple moving average (4-hours).
There is a key bullish trend line forming with support near $0.9900 on the 4-hours chart (data feed via Bitfinex).
The price could correct lower, but dips might be limited below $0.9800.
Cardano price is surging above $1.00 against the US Dollar, similar to bitcoin. ADA price could continue to rise if there is a clear move above the $1.12 level.
Cardano Price Analysis
This week, cardano price saw a fresh increase from the $0.800 support zone against the US Dollar. The ADA/USD pair broke the $0.82 and $0.85 resistance levels to move into a bullish zone.
There was a close above the key $0.90 resistance and the 55 simple moving average (4-hours). The bulls even pumped the price above the $1.0 level. A high was formed near $1.119 and the price is now consolidating gains.
On the downside, an immediate support is near the $1.05 level. It is near the 23.6% Fib retracement level of the upward move from the $0.864 swing low to $1.1198 high. If there are additional losses, the price may perhaps dive towards the $1.00 level.
There is also a key bullish trend line forming with support near $0.9900 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the upward move from the $0.864 swing low to $1.1198 high.
A break below $1.00 could push the price towards the $0.95 level. On the upside, an immediate resistance on the upside is near the $1.10 level. The first key resistance might be near the $1.12 level. A clear upside break above the $1.12 level might send the price towards the $1.20 resistance.
The next key resistance might be near the $1.25 level. Any more gains could start a steady increase towards the $1.32 level in the near term.
The chart indicates that ADA price is now trading above $1.0 and the 55 simple moving average (4-hours). Overall, the price could correct lower, but dips might be limited below $0.9800.
4 hours MACD – The MACD for ADA/USD is now losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now in the overbought zone.
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