- ADA price started a strong increase above the $0.6000 resistance level against the US Dollar.
- The price even cleared the $0.7000 level and settled above the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.6550 on the 4-hours chart (data feed via Kraken).
- The price is likely to continue higher above $0.7200 as long as it is above the $0.6500 support.
Cardano price is holding gains above $0.6500 against the US Dollar, while bitcoin is surging. ADA price is likely to continue higher above $0.7000 and $0.7200.
Cardano Price Analysis
Cardano price started a strong increase above the $0.5000 barrier against the US Dollar. The ADA/USD pair was able to climb above the $0.6000 resistance level to move into a positive zone.
The bulls remained in control, resulting in a push above the $0.6500 resistance level. The price broke the $0.7000 level and traded to a new yearly high at $0.7261. It is currently correcting lower and trading below $0.7000.
There was a dip below the 23.6% Fib retracement level of the recent upward wave from the $0.5828 swing low to $0.7261 high. However, it is still trading well above the $0.6500 level and the 55 simple moving average (4-hours).
On the downside, there is a major support forming near the $0.6540 level. There is also a major bullish trend line forming with support near $0.6550 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the recent upward wave from the $0.5828 swing low to $0.7261 high.
If there is a downside break below the trend line support, there are high chances of a dip towards the $0.6200 support zone. Any more losses could lead the price towards the $0.6000 support.
Conversely, there are chances of more gains above the $0.7000 and $0.7200 resistance levels. The next major resistance could be near the $0.8000 level.
The chart indicates that ADA price is clearly trading nicely above $0.6500 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above $0.7200 as long as it is above the $0.6550 support in the near term.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is still placed nicely in the bullish zone.
4 hours RSI – The RSI for ADA/USD is currently well above the 60 level.
Key Support Levels – $0.6500 and $0.6000.
Key Resistance Levels – $0.7000 and $0.7200.