- 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.
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.
