- ADA price is gaining momentum and it is trading well above the $0.1500 resistance against the US Dollar.
- The price is trading above the $0.1700 level and the 55 simple moving average (4-hours).
- There is a key connecting bullish trend line forming with support near $0.1540 on the 4-hours chart (data feed via Kraken).
- The price is likely to continue higher above the $0.1800 and $0.1850 resistance levels.
Cardano price is gaining a strong bullish momentum above $0.1500 against the US Dollar, while bitcoin is consolidating. ADA price is likely to test $0.2000 in the near term.
Cardano Price Analysis
Cardano price started a strong increase after it broke the key $0.1250 resistance against the US Dollar. The ADA/USD pair gained more than 25% and it broke many hurdles near the $0.1500 resistance.
The upward move gained pace above the $0.1650 level and the price settled well above the 55 simple moving average (4-hours). A new multi-week high is formed near $0.1762 and the price is currently elevated above the $0.1700 level.
An initial support on the downside is near the $0.1700 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $0.1477 low to $0.1762 high.
The next major support sits near the $0.1650 level. Any further losses might lead the price towards the $0.1620 level or the 50% Fib retracement level of the recent upward move from the $0.1477 low to $0.1762 high. There is also a key connecting bullish trend line forming with support near $0.1540 on the 4-hours chart.
Conversely, the price could continue to rise above the $0.1762 swing high. The first key resistance is near the $0.1800 level. If there is a clear break above the $0.1800 resistance, the price could start a strong rise towards the $0.1920 and $0.1950 resistance levels in the near term. The next major hurdle is likely near the $0.2000 level.
The chart indicates that ADA price is gaining momentum, and it is trading well above the $0.1700 resistance and the 55 SMA. Overall, the price is likely to continue higher above the $0.1800 and $0.1850 resistance levels in the near term.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now gaining momentum in the bullish zone.
4 hours RSI – The RSI for ADA/USD is currently rising and it is well above the 70 level.
Key Support Levels – $0.1700 and $0.1620.
Key Resistance Levels – $0.1800 and $0.1950.
