ADA price started a strong increase above the .1 resistance against the US Dollar. The price is now trading above .10 and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near .180 on the 4-hours chart (data feed via Bitfinex). The price could correct lower, but dips might be limited below .158. Cardano price is climbing above .15 against the US Dollar, similar to bitcoin. ADA price could continue to rise if there is a clear move above the .245 level. Cardano Price Analysis This week, cardano price saw a fresh increase from the .05 support zone against the US Dollar. The ADA/USD pair broke the .10 and .15 resistance levels to move into a bullish zone. There was a close above the key .10 resistance and
Topics:
Aayush Jindal considers the following as important: ADA, Altcoin News, Cardano, News, Trading
This could be interesting, too:
Chayanika Deka writes Optimism for Republican Win Drives .2 Billion in Weekly Inflows into BTC, ETH Products
Chayanika Deka writes Bitcoin Leads Investor Activity with 9M in Outflows; But Multi-Asset Products Shine
Temitope Olatunji writes X Empire Unveils ‘Chill Phase’ Update: Community to Benefit from Expanded Tokenomics
Bhushan Akolkar writes Cardano Investors Continue to Be Hopeful despite 11% ADA Price Drop
- ADA price started a strong increase above the $1.1 resistance against the US Dollar.
- The price is now trading above $1.10 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $1.180 on the 4-hours chart (data feed via Bitfinex).
- The price could correct lower, but dips might be limited below $1.158.
Cardano price is climbing above $1.15 against the US Dollar, similar to bitcoin. ADA price could continue to rise if there is a clear move above the $1.245 level.
Cardano Price Analysis
This week, cardano price saw a fresh increase from the $1.05 support zone against the US Dollar. The ADA/USD pair broke the $1.10 and $1.15 resistance levels to move into a bullish zone.
There was a close above the key $1.10 resistance and the 55 simple moving average (4-hours). The bulls even pumped the price above the $1.20 level. A high was formed near $1.2456 and the price is now consolidating gains.
There was a minor move below the 23.6% Fib retracement level of the upward move from the $1.104 swing low to $1.245 high. On the downside, an immediate support is near the $1.180 level. There is also a key bullish trend line forming with support near $1.180 on the 4-hours chart.
The trend line is near the 55 simple moving average (4-hours) and the 50% Fib retracement level of the upward move from the $1.104 swing low to $1.245 high. If there are additional losses, the price may perhaps decline towards the $1.15 support level.
A break below $1.15 could push the price towards the $1.05 level. On the upside, an immediate resistance is near the $1.225 level. The first key resistance might be near the $1.245 level. A clear upside break above the $1.245 level might send the price towards the $1.28 resistance.
The next key resistance might be near the $1.30 level. Any more gains could start a steady increase towards the $1.35 level in the near term.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $1.10 and the 55 simple moving average (4-hours). Overall, the price could correct lower, but dips might be limited below $1.158.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now 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 $1.158.
Key Resistance Levels – $1.225 and $1.245.