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HomeAltcoin NewsCardano (ADA) Price Analysis: Fresh Increase Likely Above $1.30

Cardano (ADA) Price Analysis: Fresh Increase Likely Above $1.30

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  • ADA price started a fresh increase after testing the $1.00 support against the US Dollar.
  • The price is now trading above the $1.200 support and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $1.150 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to continue high above the $1.300 and $1.348 resistance levels.

Cardano price is rising and trading above $1.200 against the US Dollar, similar to bitcoin. ADA price could accelerate gains once it clears the $1.300 resistance.

Cardano Price Analysis

After a steady decline, cardano price found support near the $1.00 zone against the US Dollar. The ADA/USD pair traded as low as $0.911 before it started a fresh increase.

There was a clear break above the $1.050 and $1.110 resistance levels. There was also a break above a major bearish trend line with resistance near $1.150 on the 4-hours chart. The pair is now trading above the $1.200 support and the 55 simple moving average (4-hours).

It broke the 50% Fib retracement level of the downward move from the $1.559 high to $0.911 low. It is now showing positive signs and trading nicely above $1.200.

An immediate resistance is seen near the $1.300 level. It is near the 61.8% Fib retracement level of the downward move from the $1.559 high to $0.911 low. The main resistance is near the $1.350 level. A clear break above the $1.350 resistance zone could set the pace for a sharp increase in the coming sessions.

The next stop for the bulls could be near the $1.500 level. Conversely, the price might start a downside correcting below the $1.240 level. The first key support is near the $1.200 level and the 55 simple moving average (4-hours). Any more losses might call for a bearish wave towards the $1.100 support zone in the coming sessions. The main support is still near the $1.00 zone.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is clearly trading nicely above the $1.200 level and the 55 simple moving average (4-hours). Overall, the price is likely to continue high above the $1.300 and $1.348 resistance levels.

Technical Indicators

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

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

Key Support Levels – $1.200 and $1.100.

Key Resistance Levels – $1.300 and $1.350.

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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