ADA price is currently consolidating above the %excerpt%.0920 support zone against the US Dollar.The price is facing a strong resistance near the %excerpt%.0980 level, but it is above the 55 simple moving average (4-hours).There is a major contracting triangle forming with resistance near %excerpt%.0985 on the 4-hours chart (data feed via Kraken).The price is likely to accelerate higher if it clears the %excerpt%.0985 and %excerpt%.1000 resistance levels in the near term.Cardano price is currently consolidating above %excerpt%.0920 against the US Dollar, while bitcoin is rising. ADA price could start a strong upward move if it clears the %excerpt%.1000 barrier.Cardano Price AnalysisAfter a strong decline, cardano price found support above the %excerpt%.0850 level against the US Dollar. The ADA/USD pair formed a support base and recently started
Topics:
Aayush Jindal considers the following as important: ADA, Altcoin News, Cardano, News, Trading
This could be interesting, too:
Bena Ilyas writes Spot Bitcoin ETFs Sees 7th Consecutive Day of Outflow Streak
Chimamanda U. Martha writes Australian Regulator Secures First Victory in Non-Cash Payment Case Involving Crypto
Bhushan Akolkar writes US Senators and Lawmakers Have No Issue with Crypto Privacy, Says Railgun Researcher
Mayowa Adebajo writes Dutch Authorities Arrest ZKasino Scam Suspect, Seize .2M
- ADA price is currently consolidating above the $0.0920 support zone against the US Dollar.
- The price is facing a strong resistance near the $0.0980 level, but it is above the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance near $0.0985 on the 4-hours chart (data feed via Kraken).
- The price is likely to accelerate higher if it clears the $0.0985 and $0.1000 resistance levels in the near term.
Cardano price is currently consolidating above $0.0920 against the US Dollar, while bitcoin is rising. ADA price could start a strong upward move if it clears the $0.1000 barrier.
Cardano Price Analysis
After a strong decline, cardano price found support above the $0.0850 level against the US Dollar. The ADA/USD pair formed a support base and recently started a decent increase above the $0.0900 level.
There was a break above the $0.0920 resistance level and the price settled above the 55 simple moving average (4-hours). It surpassed the 23.6% Fibonacci retracement level of the key downward wave from the $0.1281 high to $0.0855 low.
It seems like there is a major contracting triangle forming with resistance near $0.0985 on the 4-hours chart. If there is a break above the triangle resistance, the price could test the $0.1000 resistance level.
The next major resistance is near the $0.1060 level since it is close to the 50% Fibonacci retracement level of the key downward wave from the $0.1281 high to $0.0855 low. A successful close above the $0.1000 and $0.1060 levels could open the doors for a larger upward move.
Conversely, the price might restart its decline below the triangle support and the 55 simple moving average (4-hours). The next major support is near the $0.0920 level. The main support is near the $0.0855 swing low, below which the bears are likely to aim a sharp decline towards $0.0780 or the $0.0750 support.
Cardano (ADA) Price
The chart indicates that ADA price is clearly currently trading in a positive zone above the $0.0920 support level and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher if it clears the $0.0985 and $0.1000 resistance levels in the near term.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is struggling to gain momentum in the bullish zone.
4 hours RSI – The RSI for ADA/USD is just below the 50 level, with a minor bearish angle.
Key Support Levels – $0.0940 and $0.00920.
Key Resistance Levels – $0.0980 and $0.1000.