ADA price failed to settle above .280 and corrected lower below .220 against the US Dollar. The price is now above the .160 support and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near .220 on the 4-hours chart (data feed via Bitfinex). The price is likely to start a fresh rally once there is a clear break above the .220 resistance. Cardano price is trading above a major support at .160 against the US Dollar, while bitcoin is rising. ADA price must settle above .220 for a strong upward move. Cardano Price Analysis Earlier, cardano price surged above the .200 and .2200 resistance levels against the US Dollar. The ADA/USD pair even spiked above the .250 level, but it failed to continue higher
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- ADA price failed to settle above $1.280 and corrected lower below $1.220 against the US Dollar.
- The price is now above the $1.160 support and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $1.220 on the 4-hours chart (data feed via Bitfinex).
- The price is likely to start a fresh rally once there is a clear break above the $1.220 resistance.
Cardano price is trading above a major support at $1.160 against the US Dollar, while bitcoin is rising. ADA price must settle above $1.220 for a strong upward move.
Cardano Price Analysis
Earlier, cardano price surged above the $1.200 and $1.2200 resistance levels against the US Dollar. The ADA/USD pair even spiked above the $1.250 level, but it failed to continue higher above the $1.286 level.
A high was formed near $1.286 and the price corrected lower. It traded below the $1.255 and $1.250 support levels. There was also a break below the 23.6% Fib retracement level of the upward move from the $1.037 swing low to $1.286 high.
The price even spiked below the $1.185 support and the 55 simple moving average (4-hours). However, the bulls were active above the $1.160 level. They also protected the 50% Fib retracement level of the upward move from the $1.037 swing low to $1.286 high.
The price is now trading nicely above the $1.160 support and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $1.220 level.
There is also a major bearish trend line forming with resistance near $1.220 on the 4-hours chart. A clear break above the trend line could open the doors for more gains above the $1.250 level. The next major resistance is near $1.285, above which the price might even test $1.300.
Conversely, the price might fail to climb above $1.220 and continue to move lower. A downside break below $1.160 could push the price further lower towards the $1.098 support.
Cardano (ADA) Price
The chart indicates that ADA price is clearly facing a strong resistance near $1.220. Overall, the price is likely to start a fresh rally once there is a clear break above the $1.220 resistance.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is slowly gaining pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now well above the 50 level.
Key Support Levels – $1.180 and $1.160.
Key Resistance Levels – $1.220 and $1.250.