ADA price started a downside correction from the .10 zone against the US Dollar. The price is now trading below .80 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near .80 on the 4-hours chart (data feed via Bitfinex). The price could start another strong increase as long as it is above the .50 support zone. Cardano price is correcting gains below .80 against the US Dollar, similar to bitcoin. ADA price must stay above .50 to continue higher in the near term. Cardano Price Analysis After a close above the .50 level, cardano price started another increase against the US Dollar. The ADA/USD pair broke the .80 resistance to move further into a positive zone. The price even climbed above the .00
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- ADA price started a downside correction from the $3.10 zone against the US Dollar.
- The price is now trading below $2.80 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $2.80 on the 4-hours chart (data feed via Bitfinex).
- The price could start another strong increase as long as it is above the $2.50 support zone.
Cardano price is correcting gains below $2.80 against the US Dollar, similar to bitcoin. ADA price must stay above $2.50 to continue higher in the near term.
Cardano Price Analysis
After a close above the $2.50 level, cardano price started another increase against the US Dollar. The ADA/USD pair broke the $2.80 resistance to move further into a positive zone.
The price even climbed above the $3.00 level and settled nicely above the 55 simple moving average (4-hours). Finally, there was a spike above $3.05, but the price failed to clear $3.10. A high was formed near $3.09 and the price started a downside correction.
There was a break below the $2.90 and $2.80 levels. However, the bulls are now protecting the $2.50 support zone. A low is formed near $2.53 and the price is now consolidating. ADA is now trading below $2.80 and the 55 simple moving average (4-hours).
An immediate resistance is near the $2.67 level. It is near the 23.6% Fib retracement level of the recent decline from the $3.09 swing high to $2.53 swing low. The next major resistance is forming near the $2.80 level. There is also a key bearish trend line forming with resistance near $2.80 on the 4-hours chart.
The trend line is close to the 50% Fib retracement level of the recent decline from the $3.09 swing high to $2.53 swing low.
If there is an upside break above the $2.80 zone, the price could rally above $3.00. An immediate support is near the $2.55 level. The main support sits near the $2.50 level. Any more losses might call for a sharp decline to $2.20.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $2.80 and the 55 simple moving average (4-hours). Overall, the price could start another strong increase as long as it is above the $2.50 support zone.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is still in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now well below the 50 level.
Key Support Levels – $2.55 and $2.50.
Key Resistance Levels – $2.67 and $2.80.