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HomeAltcoin NewsCardano (ADA) Price Analysis: Key Upsides Break above $1.62 Likely

Cardano (ADA) Price Analysis: Key Upsides Break above $1.62 Likely

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  • ADA price started a fresh increase after it tested the $1.35 support zone against the US Dollar.
  • The price is now trading just above $1.55 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $1.48 on the 4-hours chart (data feed via Bitfinex).
  • The price is rising and it could rise sharply if there is a break above the $1.62 and $1.65 levels.

Cardano price is showing a few positive signs above $1.50 against the US Dollar, similar to bitcoin. ADA price could gain pace if it clears the $1.62 resistance zone.

Cardano Price Analysis

This past week, cardano price saw a steady decline from well above $1.80 against the US Dollar. The ADA/USD pair declined below $1.60 and moved into a short-term bearish zone.

There was also a break below $1.50 and the 55 simple moving average (4-hours). The price traded as low as $1.359 before it started an upside correction. There was a recovery wave above the $1.40 and $1.42 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1.89 high to $1.35 low.

There was also a break above a major bearish trend line with resistance near $1.48 on the 4-hours chart. The pair is now trading just above $1.55 and the 55 simple moving average (4-hours).

An immediate resistance on the upside is near the $1.62 level. It is near the 50% Fib retracement level of the downward move from the $1.89 high to $1.35 low. A clear upside break above $1.62 could open the doors for a steady increase in the near term.

The next major resistance is near the $1.70 level. A close above the $1.70 level could open the doors for a steady increase. On the downside, there is a decent support forming near $1.50.

The next key support is near the $1.48 level. Any more losses might call for a move towards the $1.40 support zone.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is clearly trading above $1.50 and the 55 simple moving average (4-hours). Overall, the price is rising and it could rise sharply if there is a break above the $1.62 and $1.65 levels.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is now above the 50 level.

Key Support Levels – $1.50 and $1.48.

Key Resistance Levels – $1.62 and $1.70.

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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