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Cardano (ADA) Price Analysis: Bulls Remain Active Above $1.20

Summary:
ADA price is struggling to clear the .40 resistance against the US Dollar. The price is now testing the .30 support and the 55 simple moving average (4-hours). There is a major bullish trend line forming with support near .30 on the 4-hours chart (data feed via Bitfinex). The price could extend its decline, but the bulls might protect the .20 and .15 support levels. Cardano price is facing an uphill task near .40 against the US Dollar, similar to bitcoin. ADA price must stay above .20 to remain in a positive territory. Cardano Price Analysis After trading close to the .20 support, cardano price started a fresh increase against the US Dollar. The ADA/USD pair broke the .25 resistance to move into a positive zone. The price even climbed above the .35

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  • ADA price is struggling to clear the $1.40 resistance against the US Dollar.
  • The price is now testing the $1.30 support and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $1.30 on the 4-hours chart (data feed via Bitfinex).
  • The price could extend its decline, but the bulls might protect the $1.20 and $1.15 support levels.

Cardano price is facing an uphill task near $1.40 against the US Dollar, similar to bitcoin. ADA price must stay above $1.20 to remain in a positive territory.

Cardano Price Analysis

After trading close to the $1.20 support, cardano price started a fresh increase against the US Dollar. The ADA/USD pair broke the $1.25 resistance to move into a positive zone.

The price even climbed above the $1.35 level and settled nicely above the 55 simple moving average (4-hours). However, the bears were again active near the $1.40 level. A high was formed near $1.39 and the price is now correcting gains.

It broke the $1.36 and $1.35 support levels. There was a break below the 23.6% Fib retracement level of the upward wave from the $1.21 swing low to $1.39 high.

ADA is now testing the $1.30 support and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $1.30 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the upward wave from the $1.21 swing low to $1.39 high.

The next major support on the downside is near the $1.258 level. Any more losses could lead the price towards the main breakdown support at $1.20.

On the upside, an initial resistance is near the $1.32 level. The first major resistance is now near the $1.35 level. The main hurdle is still near the $1.40 level. A clear close above the $1.40 level could spark a decent move towards the $1.50 level.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is clearly testing the $1.30 support and the 55 simple moving average (4-hours). Overall, the price could extend its decline, but the bulls might protect the $1.20 and $1.15 support levels.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining pace in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now just below the 50 level.

Key Support Levels – $1.30 and $1.20.

Key Resistance Levels – $1.35 and $1.40.

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