- ADA price started a fresh decline from the $1.60 resistance against the US Dollar.
- The price is now trading below $1.40 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $1.312 on the 4-hours chart (data feed via Bitfinex).
- The price might start a fresh increase if it manages to stay above the $1.30 support zone.
Cardano price is struggling below the $1.32 resistance against the US Dollar, unlike bitcoin. ADA price must clear $1.35 to start a fresh increase.
Cardano Price Analysis
This week, cardano price saw a fresh decline from the $1.40 zone against the US Dollar. The ADA/USD pair traded below the $1.35 support level to enter a bearish zone.
The bears gained strength for a move below the $1.32 level and the 55 simple moving average (4-hours). A low was formed near $1.287, and the price is now correcting losses. There was a move above the $1.30 resistance zone.
The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $1.593 swing high to $1.280 low. It is now facing resistance near the $1.35 level.
The next key resistance is near the $1.400 level. The 50% Fib retracement level of the downward move from the $1.593 swing high to $1.280 low is also near the $1.437. A clear break above the $1.400 resistance could pump the price towards the $1.45 level. Any more gains could push the price towards the $1.50 level.
On the downside, an immediate support is near the $1.312 level. There is also a major bullish trend line forming with support near $1.312 on the 4-hours chart.
The first major support is near $1.30. Any more losses might lead the price towards the $1.28 level, below which the bears could gain strength in the near term. In the stated case, the price could revisit $1.22.
The chart indicates that ADA price is now trading below $1.32 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if it manages to stay above the $1.30 support zone.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is still moving in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $1.312 and $1.300.
Key Resistance Levels – $1.350 and $1.400.
