Cardano (ADA) Price Analysis: Price Action Suggests More Upsides

Cardano price is currently consolidating above the $0.1400 zone against the US Dollar, similar to bitcoin. ADA price must stay above the $0.1350 support to continue higher.

Cardano Price Analysis

In the past few days, there were mostly bullish moves above the $0.1350 level in cardano price against the US Dollar. The ADA/USD pair even broke the $0.1500 level and settled above the 55 simple moving average (4-hours).

Finally, the price spiked towards the $0.1550 resistance level before starting a broad range move. It even corrected lower below $0.1400, but the $0.1350 support zone acted as a strong buy zone. The recent swing low was formed near $0.1310 and the price is currently rising.

There was a break above the $0.1400 resistance level. ADA climbed as high as $0.1487 and it is currently trading near the 23.6% Fibonacci retracement level of the recent wave from the $0.1310 swing low to $0.1487 high.

The first major support is near the $0.1400 level and the 55 simple moving average (4-hours). The 50% 23.6% Fibonacci retracement level of the recent wave from the $0.1310 swing low to $0.1487 high is also near the $0.1400 level.

It seems like there is a major contracting triangle forming with resistance near $0.1485 on the 4-hours chart. If there is a clear break above the $0.1480 and $0.1500 resistance levels, the price is likely to accelerate higher.

The next major resistance is near the $0.1550 level, above which the price might test the $0.1620 level. Conversely, there is a risk of a bearish break below the $0.1400 support zone. The next major support is near the $0.1350 level.

Cardano (ADA) Price

The chart indicates that ADA price is clearly consolidating in a bullish zone above $0.1400. Overall, the price is likely to accelerate higher if there is a clear break above the $0.1500 pivot level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is slowly gaining pace in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now well above the 50 level.

Key Support Levels – $0.1400 and $0.1350.

Key Resistance Levels – $0.1480 and $0.1500.

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