- ADA price extended its rally and it even surged above the $1.00 resistance against the US Dollar.
- The price is trading nicely above the $0.9500 support and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.9550 on the 4-hours chart (data feed via Bitfinex).
- The price is likely to continue higher above the $1.05 unless there is a close below $0.9500.
Cardano price is trading in a strong uptrend above $0.9500 against the US Dollar, similar to bitcoin. ADA price is likely to continue higher towards the $1.20 resistance zone.
Cardano Price Analysis
Cardano price remained in a strong uptrend above the $0.8000 pivot level against the US Dollar. The ADA/USD pair broke the $0.9500 and $1.00 resistance levels to move further into a positive zone.
It even broke the $1.10 resistance and tested the $1.20 zone. A new 2021 high was formed near $1.19 before there was a sharp downside correction. The price spiked below the $1.10 and $1.00 support levels.
There was also a spike below the $0.9500 support level and the 55 simple moving average (4-hours). However, there was no close below $0.9500. The price traded as low as $0.8369 and recovered sharply above $0.9000. It is now trading nicely above the $0.9500 support and the 55 simple moving average (4-hours).
There was a break above the 50% Fib retracement level of the downside correction from the $1.19 high to $0.8369 low. However, the price is facing a strong resistance near the $1.10 level.
The 76.4% Fib retracement level of the downside correction from the $1.19 high to $0.8369 low is also stopping a fresh increase. A clear break above the $1.10 resistance is must for a fresh increase towards the $1.20 and $1.25 levels in the near term.
On the downside, there is a major bullish trend line forming with support near $0.9550 on the 4-hours chart. If the pair fails to stay above $0.9500, there is a risk of a fresh decline towards the $0.8500 support.
The chart indicates that ADA price is clearly trading nicely above $0.9500 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $1.05 unless there is a close below $0.9500.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is showing positive signs in the bullish zone.
4 hours RSI – The RSI for ADA/USD is still above the 50 level.
Key Support Levels – $0.9500 and $0.8500.
Key Resistance Levels – $1.10 and $1.20.
