Cardano (ADA) Price Analysis: Bulls Aim Upside Break Above $1.08

  • ADA price started a consolidation phase above $1.00 against the US Dollar.
  • The price is now trading near $1.05 and the 55 simple moving average (4-hours).
  • There is a major breakout pattern forming with resistance near $1.055 on the 4-hours chart (data feed via Bitfinex).
  • The price might start a fresh increase if it manages to stay above the $1.00 zone.

Cardano price is gaining pace above $1.02 against the US Dollar, similar to bitcoin. ADA price could start another increase if it surpassed $1.055 and $1.080.

Cardano Price Analysis

This week, cardano price saw a consolidation phase above the $1.00 support zone against the US Dollar. The ADA/USD pair formed a base above the $1.00 level and recently corrected a few points higher.

There was a spike above the $1.05 and $1.08 resistance levels. It even surpassed the 23.6% Fib retracement level of the downward move from the $1.638 high to $0.9175 low. However, the bears were active near the $1.15 zone.

The price retreated lower and traded below the $1.08 level. It is now trading near $1.05 and the 55 simple moving average (4-hours). Besides, there is a major breakout pattern forming with resistance near $1.055 on the 4-hours chart.

On the upside, the price is facing resistance near the $1.055 level. The next key resistance is near the $1.15 level, above which the price could rise steadily. The next hurdle could be near the 50% Fib retracement level of the downward move from the $1.638 high to $0.9175 low at $1.27.

A clear break above the $1.27 resistance could pump the price towards the $1.40 level. Any more gains could push the price towards the $1.50 level.

On the downside, an immediate support is near the $1.02 level. The first major support is near $1.00. Any more losses might lead the price towards the $0.95 level. A break below $0.95 could push the price towards the $0.88 level.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now trading near $1.05 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if it manages to stay above the $1.00 zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now moving in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now approaching the 55 level.

Key Support Levels – $1.02 and $1.00.

Key Resistance Levels – $1.055 and $1.15.

Tags: ADA, Cardano

Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-bulls-aim-upside-break-above-1-08/