HomeAltcoin NewsCardano (ADA) Price Rally Could Extend Beyond $0.1000

Cardano (ADA) Price Rally Could Extend Beyond $0.1000

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  • ADA price surged more than 20% after forming a support base near $0.0565 against the US Dollar.
  • The price traded above the key $0.0700 and $0.0800 resistance levels in the past three sessions.
  • There was a break above a couple of declining channels or bullish flags at $0.0620 and $0.0710 on the 4-hours chart (data feed via Kraken).
  • The price pumped above the $0.0900 level and tested the $0.0950 resistance level.

Cardano price gained a strong bullish momentum recently against the US Dollar and bitcoin. ADA surged above the $0.0900 level and it may continue to rise towards the $0.1000 level.

Cardano Price Analysis

Recently, there was a strong rise in the cryptocurrency market as bitcoin price climbed above the $5,000 level. It helped cardano price in gaining bullish momentum above the $0.0700 resistance against the US Dollar. Earlier, the ADA/USD pair formed a solid support base near the $0.0565 level and started an upside move. It settled above the $0.0600 level and the 55 simple moving average (4-hours) to move into a positive zone.

Besides, there was a break above a couple of declining channels or bullish flags at $0.0620 and $0.0710 on the 4-hours chart. The pair rallied significantly above the $0.0800 and $0.0880 resistance levels. Finally, the price broke the $0.0900 resistance and traded to a new 2019 high at $0.0951. At the moment, the price is correcting lower below the $0.0900 level. It broke the 23.6% Fibonacci retracement level of the recent wave from the $0.0688 low to $0.0951 high.

However, there are many supports on the downside near the $0.0840 and $0.0830 levels. The 50% Fibonacci retracement level of the recent wave from the $0.0688 low to $0.0951 high is also near the $0.0820 level. The main support is at $0.0800, where buyers are likely to emerge. On the upside, an initial resistance is near the $0.0920 level. If there are further gains, the price is likely to clear the $0.0951 high.

Cardano Price Analysis ADA Price

The chart indicates that ADA price is placed nicely in a crucial uptrend above $0.0800. If buyers remain in action, there are chances of an upside break above the $0.0951 high. The next stop for buyers could be near the $0.1000 pivot level, where sellers may emerge. Above $0.1000, the price may test the $0.1040 and $0.1080 levels. On the downside, there are many supports above the $0.0800 level and dips remain well bid.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is slowly reducing the recent bullish slope.

4 hours RSI – The RSI for ADA/USD is currently correcting lower from the 90 level, with a minor bearish angle.

Key Support Levels – $0.0840 and $0.0820.

Key Resistance Levels – $0.0950 and $0.1000.

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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