Cardano (ADA) Price Analysis: Trading Near Crucial Juncture
Cardano price is trading near a key juncture below $1.200 against the US Dollar, while bitcoin is rising. ADA price must settle above $1.200 for a strong upward move.
Cardano Price Analysis
Cardano price started a steady increase from the $1.040 support against the US Dollar. The ADA/USD pair broke many important hurdles near $1.125 and $1.160 to move into a bullish zone.
There was also a break above the $1.200 resistance and a close above the 55 simple moving average (4-hours). However, the price struggled to clear the $1.285 resistance zone. A high was formed near $1.286 and the price recently corrected lower.
There was a break below the 23.6% Fib retracement level of the upward move from the $1.040 swing low to $1.286 high. The price is still above the $1.160 support and the 55 simple moving average (4-hours).
It seems like there is a major support forming near the $1.160 level and 55 simple moving average (4-hours). It is also close to the 50% Fib retracement level of the upward move from the $1.040 swing low to $1.286 high. There is also a key bearish trend line forming with resistance near $1.200 on the 4-hours chart.
If there is an upside break above the trend line, the price could rally towards the $1.285 and $1.300 resistance levels. The next major resistance is near the $1.420 level.
Conversely, the price might fail to climb above $1.200 and continue to move lower. A downside break below $1.160 could clear the path for a sharp decline. The next main support is near the $1.098.
Cardano (ADA) Price
The chart indicates that ADA price is clearly facing a strong resistance near $1.200. Overall, the price could either rally above $1.200 or it might break $1.160 for a fresh decline.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is struggling to gain pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now just above the 50 level.
Key Support Levels – $1.160 and $1.098.
Key Resistance Levels – $1.200 and $1.285.
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