Cardano (ADA) Price Analysis: More Gains above $1.50 Likely
- ADA price started a fresh increase after it found support near $1.20 against the US Dollar.
- The price is now trading above $1.35 and the 55 simple moving average (4-hours).
- There is a key rising channel forming with support near $1.35 on the 4-hours chart (data feed via Bitfinex).
- The price is likely to continue higher above $1.45 and $1.50 in the near term.
Cardano price is trading in a positive zone above $1.35 against the US Dollar, similar to bitcoin. ADA price could continue to move higher if it breaks $1.45.
Cardano Price Analysis
After forming a base above $1.20, cardano price started a fresh increase against the US Dollar. The ADA/USD pair traded above the $1.30 resistance zone to move into a positive zone.
The price even surpassed the $1.35 level and settled well above the 55 simple moving average (4-hours). It traded as high as $1.49 and it recently started a downside correction. There was a break below the $1.45 and $1.42 support levels.
The price traded below the 23.6% Fib retracement level of the recent increase from the $1.28 low to $1.49 high. It is now trading above $1.35 and the 55 simple moving average (4-hours).
The price is also holding the 50% Fib retracement level of the recent increase from the $1.28 low to $1.49 high. There is also a key rising channel forming with support near $1.35 on the 4-hours chart. Any more losses and a downside break could spark a move towards $1.30.
The next major support sits near the $1.20 level. An immediate resistance is near the $1.45 level. A clear close above the $1.45 level could spark a strong increase.
The next major resistance is near the $1.50 level. A close above the $1.45 and $1.50 levels could open the doors for a steady increase. In the stated case, the price could rise towards the $1.65 level.
Cardano Price
The chart indicates that ADA price is clearly trading nicely above $1.35 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above $1.45 and $1.50 in the near term.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is showing positive signs in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $1.35 and $1.30.
Key Resistance Levels – $1.45 and $1.50.
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