- ADA price traded higher and was successful in clearing the $0.0935 resistance against the US Dollar.
- The price is currently trading well above the $0.0950 level and it could continue to rise in the near term.
- There is a major bullish trend line forming with support near $0.0965 on the 4-hours chart (data feed via Kraken).
- The price is likely to accelerate higher once it clears the $0.1020 resistance level.
Cardano price is gaining bullish momentum above $0.0950 against the US Dollar, but struggling vs bitcoin. ADA could continue to rise if it clears the $0.1000 and $0.1020 levels.
Cardano Price Analysis
After forming a strong support above $0.0850, cardano price started an upward move against the US Dollar. The ADA/USD pair broke the $0.0920 resistance levels to enter a positive zone. Later, it even cleared the $0.0935 resistance and settled above the 55 simple moving average (4-hours). Finally, the price traded above the key $0.1000 resistance and traded towards $0.1020.
However, the $0.1020 level acted as a strong resistance and prevented gains on two occasions. The recent high was formed at $0.10209 and the price corrected below the $0.1000 support. It broke the 50% Fibonacci retracement level of the last wave from the $0.0934 low to $0.1020 high. However, the decline was limited and the price found support near the $0.0965 level.
The 61.8% Fibonacci retracement level of the last wave from the $0.0934 low to $0.1020 high also acted as a support. Moreover, there is a major bullish trend line forming with support near $0.0965 on the 4-hours chart. If there is a downside break below the trend line, the price could test the $0.0935 support area. The 55 simple moving average (4-hours) is also a major support near the $0.0930 level.
On the upside, an immediate resistance is near the 0.1000 level. However, the main resistance is near the $0.1020 level. If there is an upside break above the $0.1020 level, the price may continue to rise towards the $0.1050 and $0.1080 levels. The next key resistance is near the $0.1120 level.
The chart indicates that ADA price is currently trading nicely above the $0.0965 and $0.0935 support levels. If the bulls fail to push the price above $0.1020, there is a risk of a fresh decline below $0.0935. The next major support could be near the $0.0920 level, followed by $0.0905.
4 hours MACD – The MACD for ADA/USD is currently losing momentum in the bullish zone.
4 hours RSI – The RSI for ADA/USD is currently correcting lower from 65 and it could test the 50 level.
Key Support Levels – $0.0965 and $0.0935.
Key Resistance Levels – $0.1000 and $0.1020.
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