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HomeAltcoin NewsCardano (ADA) Price Analysis: Trading Near Make-or-Break Levels

Cardano (ADA) Price Analysis: Trading Near Make-or-Break Levels

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  • ADA price is showing positive signs above the $0.1050 resistance against the US Dollar.
  • The price is facing hurdles near $0.1110, but it is above the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $0.1070 on the 4-hours chart (data feed via Kraken).
  • The price could either decline towards the $0.1025 support or it might continue to rise towards $0.1150.

Cardano price is showing positive signs above the $0.1050 level against the US Dollar, similar to bitcoin. ADA price is likely to continue higher as long as it is trading above $0.1025.

Cardano Price Analysis

Cardano price started a downside correction after testing the $0.1140 zone against the US Dollar. The ADA/USD pair corrected below the $0.1120 and $0.1100 support levels.

It traded close to the $0.1000 support level. A low was formed near $0.1025 before the price started a fresh upward move. The price climbed back above $0.1080, but it is struggling to gain momentum above the $0.1110 level.

The price is currently correcting lower below $0.1080, but it is above the 55 simple moving average (4-hours). There was a break below the 23.6% Fibonacci retracement level of the recent increase from the $0.1025 low to $0.1110 high.

The price is now trading near a key support at $0.1070. There is also a major bullish trend line forming with support near $0.1070 on the 4-hours chart. The next support is near the $0.1055 level since it is close to the 61.8% Fibonacci retracement level of the recent increase from the $0.1025 low to $0.1110 high.

The main support is still near the $0.1025 level, below which the price might start a strong decline. The next stop for the bears might be near the $0.0940 level.

On the upside, the $0.1110 level presents a key hurdle for the bulls. A successful break above the $0.1100 and $0.1110 resistance levels could lead the price towards the $0.1150 resistance. The next major resistance is near the $0.1200.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is showing positive signs above the $0.1050 resistance. Overall, the price could either decline towards the $0.1025 support or it might continue to rise towards $0.1150.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is currently correcting lower towards the 50 level.

Key Support Levels – $0.1070 and $0.1025.

Key Resistance Levels – $0.1100 and $0.1150.

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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