ADA price started a recovery wave above the .30 and .40 resistance levels against the US Dollar. The price is still trading below .50 and the 55 simple moving average (4-hours). There was a break above a major declining channel with resistance near .35 on the 4-hours chart (data feed via Bitfinex). The price might extend gains if it manages to clear the .50 resistance zone. Cardano price is struggling below the .50 resistance against the US Dollar, unlike bitcoin. ADA price must clear .50 to continue higher. Cardano Price Analysis This week, cardano price saw a major decline below the .60 level against the US Dollar. The ADA/USD pair traded below the .50 support level to enter a bearish zone. The bears gained strength for a move below the .35
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- ADA price started a recovery wave above the $1.30 and $1.40 resistance levels against the US Dollar.
- The price is still trading below $1.50 and the 55 simple moving average (4-hours).
- There was a break above a major declining channel with resistance near $1.35 on the 4-hours chart (data feed via Bitfinex).
- The price might extend gains if it manages to clear the $1.50 resistance zone.
Cardano price is struggling below the $1.50 resistance against the US Dollar, unlike bitcoin. ADA price must clear $1.50 to continue higher.
Cardano Price Analysis
This week, cardano price saw a major decline below the $1.60 level against the US Dollar. The ADA/USD pair traded below the $1.50 support level to enter a bearish zone.
The bears gained strength for a move below the $1.35 level. The price even traded below the $1.30 level and settled below the 55 simple moving average (4-hours). A low was formed near $1.187 and the price is now correcting losses.
There was a break above the $1.35 and $1.40 levels. It even climbed above the 23.6% Fib retracement level of the downward move from the $1.75 swing high to $1.187 low.
Besides, there was a break above a major declining channel with resistance near $1.35 on the 4-hours chart. The next major resistance is near the $1.50 level. It is near the 61.8% Fib retracement level of the downward move from the $1.75 swing high to $1.187 low.
A clear break above the $1.50 resistance could pump the price towards the $1.65 level. Any more gains could push the price towards the $1.80 level.
On the downside, an immediate support is near the $1.42 level. The first major support is near $1.40. Any more losses might lead the price towards the $1.35 level, below which the bears could gain strength in the near term. In the stated case, the price could revisit $1.25.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $1.50 and the 55 simple moving average (4-hours). Overall, the price might extend gains if it manages to clear the $1.50 resistance zone.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is moving in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above to the 50 level.
Key Support Levels – $1.42 and $1.40.
Key Resistance Levels – $1.50 and $1.65.