ADA price started a fresh rally above the .500 resistance zone against the US Dollar. The price is now trading well above .500 support and the 55 simple moving average (4-hours). There is a major bullish trend line forming with support near .500 on the 4-hours chart (data feed via Bitfinex). The price could correct further lower, but the bulls are likely to remain active near .550 and .500. Cardano price is correcting gains from well above .800 against the US Dollar, similar to bitcoin. ADA price could revisit .500 before starting a fresh increase. Cardano Price Analysis After forming a base above the .200 level, cardano price started a fresh rally against the US Dollar. The ADA/USD pair broke the .350 and .420 resistance levels to move into a
Topics:
Aayush Jindal considers the following as important: ADA, Altcoin News, Cardano, News, Trading
This could be interesting, too:
Dimitar Dzhondzhorov writes These Are the Top 10 Cryptocurrencies by ‘Notable Development Activity’ (Santiment)
Wayne Jones writes Argentina’s Mining Sector Pioneers Lithium Tokenization by Tapping Cardano
Bilal Hassan writes Morocco to Become First Developing Country with Clear Crypto Regulations
Bilal Hassan writes Cryptopia Liquidators Distribute 0 Million to Victims of 2019 Hack
- ADA price started a fresh rally above the $1.500 resistance zone against the US Dollar.
- The price is now trading well above $1.500 support and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $1.500 on the 4-hours chart (data feed via Bitfinex).
- The price could correct further lower, but the bulls are likely to remain active near $1.550 and $1.500.
Cardano price is correcting gains from well above $1.800 against the US Dollar, similar to bitcoin. ADA price could revisit $1.500 before starting a fresh increase.
Cardano Price Analysis
After forming a base above the $1.200 level, cardano price started a fresh rally against the US Dollar. The ADA/USD pair broke the $1.350 and $1.420 resistance levels to move into a positive zone.
It even cleared the $1.500 level and settled above the 55 simple moving average (4-hours). The bulls gained strength and pushed the price above the $1.800 level. ADA traded to a new yearly high near $1.836 before it started a downside correction.
There was a sharp decline below the $1.700 and $1.650 support levels. The price even spiked below the $1.550 support, but the bulls were active above $1.500. It is now trading well above $1.500 support and the 55 simple moving average (4-hours).
A low is formed near $1.528 and the price is recovering losses. It broke the $1.600 resistance level. There was also a break above the 23.6% Fib retracement level of the recent decline from the $1.836 high to $1.528 low.
There is also a major bullish trend line forming with support near $1.500 on the 4-hours chart. On the upside, an initial resistance on the upside is near the $1.680 level. It is near the 50% Fib retracement level of the recent decline from the $1.836 high to $1.528 low.
A clear break above the $1.680 level could start a fresh rally. The main resistance sits near $1.800, above which the price is likely to accelerate higher towards the $2.00 barrier in the near term.
On the downside, an intermediate support could be $1.550. The main support sits at $1.500, below which the price could dive towards the $1.400 level.
Cardano (ADA) Price
The chart indicates that ADA price is clearly trading well above $1.500 support and the 55 simple moving average (4-hours). Overall, the price could correct further lower, but the bulls are likely to remain active near $1.550 and $1.500.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bearish zone.
4 hours RSI – The RSI for ADA/USD is just below the 50 level.
Key Support Levels – $1.550 and $1.500.
Key Resistance Levels – $1.680 and $1.800.