ADA price started a fresh increase above the .50 resistance against the US Dollar. The price is now trading near .75 and the 55 simple moving average (4-hours). There is a key bullish flag pattern forming with resistance near .85 on the 4-hours chart (data feed via Bitfinex). The price could start another strong increase if it clears the .90 resistance zone in the near term. Cardano price is showing positive signs above .60 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 .20 level, cardano price started another increase against the US Dollar. The ADA/USD pair broke the .70 resistance to move further into a positive zone. The price even climbed
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- ADA price started a fresh increase above the $2.50 resistance against the US Dollar.
- The price is now trading near $2.75 and the 55 simple moving average (4-hours).
- There is a key bullish flag pattern forming with resistance near $2.85 on the 4-hours chart (data feed via Bitfinex).
- The price could start another strong increase if it clears the $2.90 resistance zone in the near term.
Cardano price is showing positive signs above $2.60 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 $2.20 level, cardano price started another increase against the US Dollar. The ADA/USD pair broke the $2.70 resistance to move further into a positive zone.
The price even climbed above the $2.85 level and settled nicely above the 55 simple moving average (4-hours). Finally, there was a spike above $2.90, but the price failed again near the $2.95 zone. There was no test of the $3.00 resistance and the price corrected lower.
There was a break below the $2.90 level. It traded below the 23.6% Fib retracement level of the upward wave from the $2.48 swing low to $2.95 high.
ADA is now trading near $2.75 and the 55 simple moving average (4-hours). There is also a key bullish flag pattern forming with resistance near $2.85 on the 4-hours chart. An immediate support is near the $2.70 level. It is close to the 50% Fib retracement level of the upward wave from the $2.48 swing low to $2.95 high.
If there is a downside break below the $2.72 and $2.70 support levels, the price could revisit the $2.50 support. Any more losses might call for a sharp decline to $2.20. On the upside, the price is facing a major resistance near the $2.95 zone. If there is an upside break above the $2.95 zone, the price could rally above $3.00.
Cardano (ADA) Price
The chart indicates that ADA price is now trading near $2.75 and the 55 simple moving average (4-hours). Overall, the price could start another strong increase if it clears the $2.90 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 close to the 50 level.
Key Support Levels – $2.70 and $2.50.
Key Resistance Levels – $2.95 and $3.00.