- ADA price formed a decent support base above $0.1000 and currently rising against the US Dollar.
- The price is currently trading above the $0.1180 resistance and the 55 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $0.1140 on the 4-hours chart (data feed via Kraken).
- The price is likely to accelerate higher above $0.1280 and $0.1350 in the near term.
Cardano price is slowly moving higher towards $0.1300 against the US Dollar, similar to bitcoin towards $12,000. ADA price could continue to rise towards $0.1500 if it clears $0.1300
Cardano Price Analysis
In the past few days, there was a steady recovery in cardano price above $0.1120 against the US Dollar. The ADA/USD pair even traded above the $0.1150 resistance and the 55 simple moving average (4-hours).
During the rise, there was a break above a crucial bearish trend line with resistance near $0.1140 on the 4-hours chart. The pair even surpassed the $0.1250 level and traded as high as $0.1272. It is currently consolidating gains below $0.1250.
An initial support is near the $0.1210 level. It is close to the 23.6% Fibonacci retracement level of the recent increase from the $0.1022 low to $0.1272 high. If cardano price corrects lower below $0.1210, it could test the next support near the $0.1180 level.
The next major support is near the $0.1145 level or the 55 simple moving average (4-hours). The 50% Fibonacci retracement level of the recent increase from the $0.1022 low to $0.1272 high is also near the $0.1147 level.
Any further losses could lead the price back towards the $0.1080 support level. The next key support could be near the breakdown zone at $0.1050.
Conversely, the price might continue to rise above the $0.1280 and $0.1300 resistance levels. The next major resistance is near the $0.1350 level, above which the bulls are likely to aim a larger upward move towards the $0.1480 and $0.1500 levels.
The chart indicates that ADA price is clearly trading in a positive zone above the $0.1200 level and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher above $0.1280 and $0.1350 in the near term as long as it is above $0.1180.
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 now well above the 55 level.
Key Support Levels – $0.1200 and $0.1180.
Key Resistance Levels – $0.1300 and $0.1350.
