HomeAltcoin NewsCardano (ADA) Price Analysis: More Gains Possible Above $0.14

Cardano (ADA) Price Analysis: More Gains Possible Above $0.14

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  • ADA price gained bullish momentum above the $0.1200 resistance area against the US Dollar.
  • The price is currently consolidating gains above the $0.1250 and $0.1200 support levels.
  • There is a key breakout pattern forming with support near $0.1235 on the 4-hours chart (data feed via Kraken).
  • The price could continue to rise towards $0.1500 as long as it is above the $0.1200 support.

Cardano price is trading in strong bullish zone against the US Dollar and bitcoin. ADA price seems to be aiming more upsides above $0.1350 and $0.1400 in the near term.

Cardano Price Analysis

This month, cardano price gained bullish momentum and rallied more than 25% above $0.1000 against the US Dollar. The ADA/USD pair settled nicely above the $0.1200 pivot level and the 55 simple moving average (4-hours).

In the past few days, there were swing moves and corrective waves towards $0.1200. However, the price remained well bid above the $0.1200 level. The last swing high was $0.1363 and the recent low was $0.1199.

The price is currently rising and trading well above $0.1250 level. It broke the 50% Fibonacci retracement level of the recent decline from the $0.1363 high to $0.1199 low. ADA is currently facing a strong resistance near the $0.1350 level.

There is also a key breakout pattern forming with support near $0.1235 on the 4-hours chart. The triangle resistance is near the $0.1350 level. It is close to the 76.4% Fibonacci retracement level of the recent decline from the $0.1363 high to $0.1199 low.

The next major resistance is near the $0.1400 level, above which the bulls are likely to aim a test of the $0.1500 level in the near term. Any further gains could lead the price towards $0.1580.

Conversely, the price could break the triangle support, the 55 simple moving average (4-hours), and the main $0.1200 support. In the mentioned case, there is a risk of a sharp decline towards the $0.1050 and $0.1000 levels in the coming sessions.

Cardano Price
Cardano Price

The chart indicates that ADA price is clearly trading in a positive zone above the $0.1200 support. Therefore, it could continue to rise towards $0.1500 as long as it is above the $0.1200 support.

Technical Indicators

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

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

Key Support Levels – $0.1235 and $0.1200.

Key Resistance Levels – $0.1350 and $0.1400.

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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