HomeAltcoin NewsCardano (ADA) Price Analysis: Uptrend Intact Above $1

Cardano (ADA) Price Analysis: Uptrend Intact Above $1

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  • ADA price started a strong increase above the $1.0 resistance against the US Dollar.
  • The price is now trading above $1.05 and the 55 simple moving average (4-hours).
  • There is a key rising channel forming with support near $1.150 on the 4-hours chart (data feed via Bitfinex).
  • The price could correct lower, but dips might be limited below $1.150.

Cardano price is surging above $1.15 against the US Dollar, similar to bitcoin. ADA price could continue to rise if there is a clear move above the $1.24 level.

Cardano Price Analysis

This week, cardano price saw a fresh increase from the $0.850 support zone against the US Dollar. The ADA/USD pair broke the $0.88 and $0.95 resistance levels to move into a bullish zone.

There was a close above the key $1.0 resistance and the 55 simple moving average (4-hours). The bulls even pumped the price above the $1.15 level. A high was formed near $1.244 and the price is now consolidating gains.

There was a minor move below the 23.6% Fib retracement level of the upward move from the $1.072 swing low to $1.244 high. On the downside, an immediate support is near the $1.165 level. If there are additional losses, the price may perhaps dive towards the $1.15 support level.

There is also a key rising channel forming with support near $1.150 on the 4-hours chart. The channel support is near the 50% Fib retracement level of the upward move from the $1.072 swing low to $1.244 high.

A break below $1.15 could push the price towards the $1.05 level. On the upside, an immediate resistance is near the $1.232 level. The first key resistance might be near the $1.245 level. A clear upside break above the $1.245 level might send the price towards the $1.30 resistance.

The next key resistance might be near the $1.35 level. Any more gains could start a steady increase towards the $1.42 level in the near term.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $1.15 and the 55 simple moving average (4-hours). Overall, the price could correct lower, but dips might be limited below $1.150.

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 50 level.

Key Support Levels – $1.165 and $1.15.

Key Resistance Levels – $1.232 and $1.245.

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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