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HomeAltcoin NewsCardano (ADA) Price Poised To Climb Above $0.1000

Cardano (ADA) Price Poised To Climb Above $0.1000

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  • ADA price surged higher this past week and broke the $0.0724 resistance area against the US Dollar.
  • The price even broke the $0.0900 resistance and spiked above $0.1000 before correcting lower.
  • There is a crucial contracting triangle in place with resistance at $0.0870 on the 4-hours chart (data feed via Kraken).
  • The price is placed nicely in an uptrend and it could continue to rise towards $0.1000 or $0.1050.

Cardano price is trading in a positive trend against the US Dollar and bitcoin. ADA is currently holding the $0.0820 support and it is likely to revisit the $0.1000 resistance area.

Cardano Price Analysis

This past week, there was the start of a solid upward move above $0.0700 in cardano price against the US Dollar. The ADA/USD pair broke the $0.0724 resistance area to move into a strong uptrend. Buyers gained traction above the $0.0800 resistance and the 55 simple moving average (4-hours). The price even broke the $0.0900 and $0.0920 resistance levels. Finally, there was a break above the $0.1000 level and a new monthly high was formed at $0.1018.

Later, the price started a downside correction below the $0.0950 level and the 50% Fibonacci retracement level of the recent wave from the $0.0693 low to $0.1018 high. The price also declined below the $0.0900 level and the 55 simple moving average (4-hours). However, the $0.0820 level acted as a solid support. Besides, the 61.8% Fibonacci retracement level of the recent wave from the $0.0693 low to $0.1018 high also acted as a support.

The price is currently rebounding and trading near the $0.0860 level. More importantly, there is a crucial contracting triangle in place with resistance at $0.0870 on the 4-hours chart. If there is an upside break above the $0.0870 and $0.0900 resistance, the price could continue higher. In the mentioned case, the price may revisit the $0.1000 resistance area. On the other hand, a downside break below $0.0840 and $0.0820 might increase selling pressure. The next key support is at $0.0724.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is likely setting up for the next major upside break above the $0.0870 and $0.0900 resistance levels. It may test the $0.1000 level or bulls might even push the price towards the $0.1050 level. Conversely, if bears step in and push the price below the $0.0820 support, ADA could dive into a bearish zone in the short term.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is slowly gaining momentum in the bullish zone.

4 hours RSI – The RSI for ADA/USD is currently just below the 50 level and it might move further higher.

Key Support Levels – $0.0840 and $0.0820.

Key Resistance Levels – $0.0870 and $0.0900.

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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