HomeAltcoin NewsCardano (ADA) Price Analysis: Uptrend Intact Above $1.40

Cardano (ADA) Price Analysis: Uptrend Intact Above $1.40

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  • ADA price started a fresh increase from the $1.08 zone against the US Dollar.
  • The price is now trading above $1.40 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $1.44 on the 4-hours chart (data feed via Bitfinex).
  • The price might start a fresh increase if it manages to stay above the $1.40 zone.

Cardano price is gaining pace above $1.40 against the US Dollar, unlike bitcoin. ADA price could start another increase if it stays above $1.40.

Cardano Price Analysis

This week, cardano price saw a fresh increase above the $1.15 zone against the US Dollar. The ADA/USD pair rallied above the $1.20 and $1.25 resistance levels to move into a positive zone.

The bulls gained strength for a move above the $1.40 level and the 55 simple moving average (4-hours). A high is formed near $1.64 and the price is now correcting gains. There was a minor decline below the $1.60 and $1.55 support levels.

The price is now approaching the 23.6% Fib retracement level of the recent rally from the $1.07 swing low to $1.64 high. On the downside, an immediate support is near the $1.500 level.

The first major support is near $1.45. There is also a major bullish trend line forming with support near $1.44 on the 4-hours chart. Any more losses might lead the price towards the $1.35 level. It is near the 50% Fib retracement level of the recent rally from the $1.07 swing low to $1.64 high.

A break below $1.35 could push the price towards the $1.20 level. On the upside, the price is facing resistance near the $1.60 level. The next key resistance is near the $1.64 level, followed by $1.65.

A clear break above the $1.65 resistance could pump the price towards the $1.80 level. Any more gains could push the price towards the $2.00 level.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $1.40 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if it manages to stay above the $1.40 zone.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is now approaching the 65 level.

Key Support Levels – $1.50 and $1.45.

Key Resistance Levels – $1.60 and $1.65.

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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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