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Cardano (ADA) Price Analysis: Bulls In Control Above $2

Summary:
ADA price is gaining pace above the .00 and .05 resistance levels against the US Dollar. The price is now trading above .05 and the 55 simple moving average (4-hours). There is a major bullish trend line forming with support near .02 on the 4-hours chart (data feed via Bitfinex). The price might extend its rally above the .20 and .25 resistance levels in the near term. Cardano price is gaining pace above .05 against the US Dollar, unlike bitcoin. ADA price must clear .20 to start a fresh increase. Cardano Price Analysis After forming a base above .90, cardano price started a fresh increase against the US Dollar. The ADA/USD pair gained pace for a move above the .00 level and the 55 simple moving average (4-hours). There was a clear break above the

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  • ADA price is gaining pace above the $2.00 and $2.05 resistance levels against the US Dollar.
  • The price is now trading above $2.05 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $2.02 on the 4-hours chart (data feed via Bitfinex).
  • The price might extend its rally above the $2.20 and $2.25 resistance levels in the near term.

Cardano price is gaining pace above $2.05 against the US Dollar, unlike bitcoin. ADA price must clear $2.20 to start a fresh increase.

Cardano Price Analysis

After forming a base above $1.90, cardano price started a fresh increase against the US Dollar. The ADA/USD pair gained pace for a move above the $2.00 level and the 55 simple moving average (4-hours).

There was a clear break above the $2.05 resistance zone. The bulls were able to clear the $2.12 resistance. A high is formed near $2.17 and the price is now consolidating gains. On the downside, an immediate support is near the $2.12 level.

It is near the 23.6% Fib retracement level of the upward move from the $1.94 swing low to $2.17 high. The first major support is near $2.05. The 50% Fib retracement level of the upward move from the $1.94 swing low to $2.17 high is also near the $2.05 level.

Any more losses might lead the price towards the $2.00 level. There is also a major bullish trend line forming with support near $2.02 on the 4-hours chart. A close below the $2.00 level might spark more downsides. The next support is near $1.92, below which the bears could gain strength in the near term.

On the upside, an initial hurdle is near the $2.18 level. The first key resistance is near the $2.20 level. The main resistance is forming near $2.25. If there is an upside break above the $2.25 zone, the price could rally above $2.30. The next major resistance could be near the $2.50 level.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $2.05 and the 55 simple moving average (4-hours). Overall, the might extend its rally above the $2.20 and $2.25 resistance levels in the near term.

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 rising above the 60 level.

Key Support Levels – $2.12 and $2.05.

Key Resistance Levels – $2.20 and $2.25.

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