- ADA price started a fresh increase above the $0.1400 and $0.1500 resistance levels against the US Dollar.
- The price is now trading below the $0.1500 level and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.1460 on the 4-hours chart (data feed via Kraken).
- The price could accelerate higher once there is a clear break above the $0.1600 resistance.
Cardano price is showing a few bullish signs below $0.1500 against the US Dollar, similar to bitcoin. ADA price must surpass $0.1600 and $0.1650 to continue higher in the near term.
Cardano Price Analysis
Cardano price tested the $0.1300 zone before it started a fresh upward move against the US Dollar. The ADA/USD pair broke the $0.1380 and $0.1400 resistance levels to move into a short-term positive zone.
The price even broke the $0.1450 resistance and settled above the 55 simple moving average (4-hours). ADA cleared the 50% Fib retracement level of the key downward move from the $0.1741 swing high to $0.1302 swing low.
More importantly, there was a break above a major bearish trend line with resistance near $0.1460 on the 4-hours chart. The pair tested the 61.8% Fib retracement level of the key downward move from the $0.1741 swing high to $0.1302 swing low.
It is currently consolidating gains and trading near the $0.1580 level. If there is a downside correction, the price could find support near the $0.1520 level. The key support is now forming near the $0.1500 level and the 55 simple moving average (4-hours).
Any more losses could start a fresh bearish wave towards the $0.1400 and $0.1320 levels in the near term. On the upside, the price is facing a strong resistance near the $0.1600 level.
A successful close above the $0.1600 resistance, with a follow up move above the $0.1650 level could spark a sharp increase in the coming sessions. The next key resistance is near the $0.1750 level.
The chart indicates that ADA price is showing a few bullish signs above $0.1500 and the 55 SMA. Overall, the price could accelerate higher once there is a clear break above the $0.1600 resistance.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is showing positive signs in the bullish zone.
4 hours RSI – The RSI for ADA/USD is currently well above the 50 level.
Key Support Levels – $0.1520 and $0.1500.
Key Resistance Levels – $0.1600 and $0.1650.
