Cardano price is showing positive signs above $0.0980 against the US Dollar, similar to bitcoin. ADA price is likely to start a strong rally if it clears the $0.1100 resistance zone.
Cardano Price Analysis
Cardano price gained pace above the $0.1100 resistance zone against the US Dollar. The ADA/USD pair tested the $0.1140 resistance and recently started a downside correction.
There was a break below the $0.1080 support level, but the price stayed above the 55 simple moving average (4-hours). A swing low was formed near $0.0988 and the price is currently rising. There was a break above the $0.1020 level.
The price even settled above the 23.6% Fib retracement level of the downward move from the $0.1139 high to $0.0989 low. However, the price is facing hurdles near the $0.1065 and $0.1080 levels.
The 50% Fib retracement level of the downward move from the $0.1139 high to $0.0989 low is also acting as a barrier. A successful close above the $0.1080 resistance level could open the doors for a sharp increase in the coming sessions.
The next major resistance is near the $0.1100 level, above which the bulls might aim a break above the $0.1140 level. In the stated case, the price is likely test $0.1200 or even $0.1220.
Conversely, there could be another short-term downside correction, the $0.1060 support level. There is also a major bullish trend line forming with support near $0.1030 on the 4-hours chart. If there is a downside break, the price could test the $0.1000 support level or the 55 simple moving average (4-hours).
Cardano (ADA) Price
The chart indicates that ADA price is showing positive signs above the $0.1000 support and the 55 SMA. Overall, the price is likely to start a strong upward move if it clears the $0.1080 and $0.1100 resistance levels.
4 hours MACD – The MACD for ADA/USD is likely to move back into a bullish zone.
4 hours RSI – The RSI for ADA/USD is still stable above the 50 level, with positive signs.
Key Support Levels – $0.1060 and $0.1000.
Key Resistance Levels – $0.1080 and $0.1100.
Source: Read Full Article