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Cardano (ADA) Price Analysis: $3.00 Presents Key Resistance

Summary:
ADA price started a fresh increase above the .20 resistance against the US Dollar. The price is now well above the .50 support and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near .80 on the 4-hours chart (data feed via Bitfinex). The price could start another strong increase if it clears the .00 resistance zone in the near term. Cardano price is showing positive signs above .50 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 .00 level, cardano price started a fresh increase against the US Dollar. The ADA/USD pair broke the .50 resistance to move further into a positive zone. The price even

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  • ADA price started a fresh increase above the $2.20 resistance against the US Dollar.
  • The price is now well above the $2.50 support and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $2.80 on the 4-hours chart (data feed via Bitfinex).
  • The price could start another strong increase if it clears the $3.00 resistance zone in the near term.

Cardano price is showing positive signs above $2.50 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 $2.00 level, cardano price started a fresh increase against the US Dollar. The ADA/USD pair broke the $2.50 resistance to move further into a positive zone.

The price even climbed above the $2.65 level and settled nicely above the 55 simple moving average (4-hours). The upward move was such that the price surpassed the $2.80 level. A high is formed near $2.97 and the price is now consolidating gains.

There was a break below the $2.90 level. It is now testing the 23.6% Fib retracement level of the upward wave from the $2.38 swing low to $2.97 high.

An immediate support is near the $2.82 level. The first major support is near the $2.80 level. There is also a key bullish trend line forming with support near $2.80 on the 4-hours chart. The next major support is near the $2.65 level.

It is close to the 50% Fib retracement level of the upward wave from the $2.38 swing low to $2.97 high. If there is a downside break below the $2.80 and $2.65 support levels, the price could revisit the $2.50 support.

On the upside, the price is facing a major resistance near the $3.00 zone. If there is an upside break above the $3.00 zone, the price could rally towards $3.25. The next major resistance is now near the $3.50 level.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now well above the $2.50 support and the 55 simple moving average (4-hours). Overall, the price could start another strong increase if it clears the $3.00 resistance zone in the near term.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is still in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now above the 60 level.

Key Support Levels – $2.80 and $2.65.

Key Resistance Levels – $3.00 and $3.25.

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