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HomeAltcoin NewsCardano (ADA) Price Analysis: Rally Could Face Hurdles Near $1.30

Cardano (ADA) Price Analysis: Rally Could Face Hurdles Near $1.30

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  • ADA price started a fresh increase above $1.10 against the US Dollar.
  • The price is now trading above $1.10 and the 55 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $1.052 on the 4-hours chart (data feed via Bitfinex).
  • The price could rise further, but it might face resistance near the $1.30 zone.

Cardano price is gaining pace above $1.20 against the US Dollar, unlike bitcoin. ADA price could start another increase if it surpasses $1.28 and $1.30.

Cardano Price Analysis

This week, cardano price saw a decent increase above the $1.05 support zone against the US Dollar. The ADA/USD pair formed a base above the $1.05 level and started an upward move.

There was a clear move above the $1.10 and $1.12 resistance levels. It climbed above the 23.6% Fib retracement level of the main decline from the $1.638 high to $0.9175 low. Besides, there was a break above a major contracting triangle with resistance near $1.052 on the 4-hours chart.

ADA is now trading above $1.10 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $1.250 level. The next key resistance is near the $1.28 level or the 50% Fib retracement level of the main decline from the $1.638 high to $0.9175 low.

The main hurdle is now near the $1.30 level, above which the price could rise steadily. A clear break above the $1.30 resistance could pump the price towards the $1.40 level. Any more gains could push the price towards the $1.50 level.

On the downside, an immediate support is near the $1.20 level. The first major support is near $1.15. Any more losses might lead the price towards the $1.10 level. A break below $1.10 could push the price towards the $1.0 level, where the bulls may perhaps take a stand.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading near $1.20 and the 55 simple moving average (4-hours). Overall, the price could rise further, but it might face resistance near the $1.30 zone in the near term.

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 well above the 60 level.

Key Support Levels – $1.20 and $1.15.

Key Resistance Levels – $1.28 and $1.30.

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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