Cardano (ADA) Price Analysis: Holding Support, But Facing Major Hurdles

Cardano price is trading below key hurdles near $0.1055 against the US Dollar, while bitcoin is trading nicely above $13k. ADA price is likely to climb above $0.1055 as long as it is above $0.1000.

Cardano Price Analysis

Cardano price climbed higher above the $0.1080 and $0.1100 resistance levels against the US Dollar. The ADA/USD pair traded as high as $0.1128, but it failed to clear the key $0.1300 resistance level.

As a result, there was a bearish reaction below the $0.1100 and $0.1080 support levels. The price even broke the $0.1060 support level and settled well below the 55 simple moving average (4-hours).

However, the bulls were able to protect the $0.1000 support zone. A low is formed near $0.0994 and the price is currently recovering higher. There was a break above the $0.1020 resistance level, plus the 23.6% Fibonacci retracement level of the recent drop from the $0.1128 high to $0.0994 low.

Cardano price is now facing a strong resistance near the $0.1055 level. There is also a major bearish trend line forming with resistance near $0.1054 on the 4-hours chart.

The trend line is close to the 50% Fibonacci retracement level of the recent drop from the $0.1128 high to $0.0994 low. An immediate resistance above the trend line is near $0.1065 and the 55 simple moving average (4-hours).

A successful close above the trend line and $0.1065 is needed for a fresh increase towards the $0.1250 and $0.1300 resistance levels. If not, there is a risk of a fresh decline in the coming sessions below $0.1020. The main support is still near the $0.1000 level, below which the price might start a strong decline. The next stop for the bears might be near the $0.0950 level.

Cardano (ADA) Price

The chart indicates that ADA price is facing hurdles near $0.1055 and it is well below the 55 simple moving average (4-hours). Overall, the price could either rally above the $0.1055 resistance or it might revisit the $0.1000 support.

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 correcting higher towards the 50 level.

Key Support Levels – $0.1020 and $0.1000.

Key Resistance Levels – $0.1055 and $0.1065.

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