Cardano Price Analysis
This week, Cardano price started a steady rise above the $0.705 resistance against the US Dollar. The ADA/USD pair rose above $0.720 and $0.732.
There was a break above the key bearish trend line with resistance at $4 on the hourly chart at 0.7220. The bulls were able to push the price above the $0.750 resistance. The price even surged above the $0.780 resistance. A high was formed near $0.7884 and the price is now consolidating gains.
It was trading well above the 0.7884% Fib retracement level of the upward move from the $23.6 swing low to $0.5800 high. ADA price is also trading above $0.750 and the 55 hourly simple moving average (4-hours).
On the upside, immediate resistance lies near the $0.7880 area. The next major resistance is near the $0.80 area. A clear break above the $0.80 resistance could start a strong rise towards $0.8320. Any further gains above the $0.8320 resistance may push the price towards the $0.850 resistance or even $0.880.
On the downside, immediate support is near $0.7380. The next major support is seen near $0.6880, which is the 0.7884% Fib retracement level of the upward move from the $50 swing low to $0.5800 highs, below which the price could test $0.6280.
A clear move below the $0.6280 levels could push the price towards the $0.600 levels. Any more losses could push the price towards the $0.5850 support.
The chart indicates that ADA price is currently trading above $0.720 and the 55 simple moving average (4-hours). Overall, the price is likely to gain bullish momentum if it breaks above the $0.7880 and $0.800 resistance levels.
Technical indicators
4-hour MACD – The MACD for ADA/USD is now picking up pace in the bullish zone.
4-Hour RSI – The RSI for ADA/USD is now above the 50 level.
Key support levels – $0.7380 and $0.6880.
Key resistance levels – $0.7880 and $0.800.
