ADA price corrected lower and found support near the .040 level against the US Dollar. The price is now consolidating above .100 support, but it is below the 55 simple moving average (4-hours). There was a break above a key bearish trend line with resistance near .1350 on the 4-hours chart (data feed via Bitfinex). The price is likely to continue higher above the .200 unless there is a close below .050. Cardano price is showing positive signs above .050 against the US Dollar, while bitcoin is rising. ADA price is likely to start a fresh increase above the .200 and .220 resistance levels. Cardano Price Analysis Cardano price started a strong downside correction from the .490 zone against the US Dollar. The ADA/USD pair broke the .200 support level
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- ADA price corrected lower and found support near the $1.040 level against the US Dollar.
- The price is now consolidating above $1.100 support, but it is below the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $1.1350 on the 4-hours chart (data feed via Bitfinex).
- The price is likely to continue higher above the $1.200 unless there is a close below $1.050.
Cardano price is showing positive signs above $1.050 against the US Dollar, while bitcoin is rising. ADA price is likely to start a fresh increase above the $1.200 and $1.220 resistance levels.
Cardano Price Analysis
Cardano price started a strong downside correction from the $1.490 zone against the US Dollar. The ADA/USD pair broke the $1.200 support level to move into a bearish zone.
There was also a close below the $1.200 level and the 55 simple moving average (4-hours). The price traded close to the $1.000 support and a low is formed near $1.036. The price is now consolidating above $1.100 support, but it is below the 55 simple moving average (4-hours).
There was a break above a key bearish trend line with resistance near $1.1350 on the 4-hours chart. The pair is now testing the 23.6% Fib retracement level of the downward move from the $1.490 high to $1.036 low.
An immediate resistance is near the $1.200 level and the 55 simple moving average (4-hours). If there is a clear break above the $1.200 resistance, the price is likely to start a fresh increase. The next key resistance is near the $1.260 zone.
The 50% Fib retracement level of the downward move from the $1.490 high to $1.036 low is also near $1.263 level. Any more gains could lead the price towards the $1.300 and $1.320 levels.
Conversely, the price might fail to climb above $1.200. In the stated case, there is a risk of a fresh decline towards the $1.100 support. The main support is still near the $1.050 and $1.000 levels.
Cardano (ADA) Price
The chart indicates that ADA price is clearly consolidating above $1.100 support, but it is below the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $1.200 unless there is a close below $1.050.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is showing positive signs in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $1.100 and $1.050.
Key Resistance Levels – $1.200 and $1.260.