HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Gain Strength above $1

Cardano (ADA) Price Analysis: Bulls Gain Strength above $1

-

  • 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.

Cardano (ADA) Price
Cardano (ADA) Price

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.

Technical Indicators

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.

Key Support Levels – $1.05 and $1.00.

Key Resistance Levels – $1.12 and $1.15.

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.

Follow us

0FansLike
0FollowersFollow
0SubscribersSubscribe

Most Popular