HomeAltcoin NewsCardano (ADA) Price Analysis: More Gains above $1.50 Likely

Cardano (ADA) Price Analysis: More Gains above $1.50 Likely

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  • ADA price started a fresh increase after it found support near $1.20 against the US Dollar.
  • The price is now trading above $1.35 and the 55 simple moving average (4-hours).
  • There is a key rising channel forming with support near $1.35 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to continue higher above $1.45 and $1.50 in the near term.

Cardano price is trading in a positive zone above $1.35 against the US Dollar, similar to bitcoin. ADA price could continue to move higher if it breaks $1.45.

Cardano Price Analysis

After forming a base above $1.20, cardano price started a fresh increase against the US Dollar. The ADA/USD pair traded above the $1.30 resistance zone to move into a positive zone.

The price even surpassed the $1.35 level and settled well above the 55 simple moving average (4-hours). It traded as high as $1.49 and it recently started a downside correction. There was a break below the $1.45 and $1.42 support levels.

The price traded below the 23.6% Fib retracement level of the recent increase from the $1.28 low to $1.49 high. It is now trading above $1.35 and the 55 simple moving average (4-hours).

The price is also holding the 50% Fib retracement level of the recent increase from the $1.28 low to $1.49 high. There is also a key rising channel forming with support near $1.35 on the 4-hours chart. Any more losses and a downside break could spark a move towards $1.30.

The next major support sits near the $1.20 level. An immediate resistance is near the $1.45 level. A clear close above the $1.45 level could spark a strong increase.

The next major resistance is near the $1.50 level. A close above the $1.45 and $1.50 levels could open the doors for a steady increase. In the stated case, the price could rise towards the $1.65 level.

Cardano Price
Cardano Price

The chart indicates that ADA price is clearly trading nicely above $1.35 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above $1.45 and $1.50 in the near term.

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 now above the 50 level.

Key Support Levels – $1.35 and $1.30.

Key Resistance Levels – $1.45 and $1.50.

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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