• 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.

Cardano (ADA) Price

Cardano (ADA) Price

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.

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