HomeAltcoin NewsCardano (ADA) Price Analysis: Fresh Rally Likely if it Clears $0.10

Cardano (ADA) Price Analysis: Fresh Rally Likely if it Clears $0.10

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  • ADA price is showing positive signs and trading above the $0.0950 support against the US Dollar.
  • The price is facing hurdles near $0.1000, and testing the 55 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $0.1000 on the 4-hours chart (data feed via Kraken).
  • The price is likely to rally and accelerate higher if it clears the main $0.1000 resistance.

Cardano price is recovering and approaching a major breakout against the US Dollar, similar to bitcoin. ADA price must clear $0.1000 for a sustained move higher.

Cardano Price Analysis

Cardano price remained well bid above the key $0.0900 support zone against the US Dollar. The ADA/USD pair traded as low as $0.0895 and recently started a fresh upward move.

There was a break above the $0.0935 and $0.0950 resistance levels. The price even climbed above the 23.6% Fibonacci retracement level of the downward move from the $0.1065 high to $0.0895 low.

It is now trading near the $0.0980 resistance level and the 55 simple moving average (4-hours). The 50% Fibonacci retracement level of the downward move from the $0.1065 high to $0.0895 low is also acting as a resistance for the bulls.

More importantly, it seems like there is a key contracting triangle forming with resistance near $0.1000 on the 4-hours chart. The triangle resistance is important, above which the bulls are likely to push the price further higher above $0.1020.

The next major resistance is near the $0.1050. Any further gains could lead the price towards the $0.1120 and $0.1150 levels in the coming sessions. The next key hurdle for the bulls could be $0.1200.

Conversely, cardano price might struggle to clear the $0.1000 resistance. An initial support is near the triangle lower trend line at $0.0960. If there is a downside break below the triangle support, the price is likely to continue lower towards the $0.0950 support zone. Any further losses could push the price towards the key $0.0900 support level in the near term.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is clearly approaching a major breakout zone with a significant hurdle near $0.1000. Overall, the price is likely to rally and accelerate higher if it clears the main $0.1000 resistance.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is currently rising and it is above the 50 level.

Key Support Levels – $0.0960 and $0.0950.

Key Resistance Levels – $0.1000 and $0.1050.

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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