Cardano price is facing an uphill task near $1.50 against the US Dollar, while bitcoin is rising. ADA price must stay above $1.40 to remain in a positive territory.
Cardano Price Analysis
After trading close to the $1.30 support, cardano price started a fresh increase against the US Dollar. The ADA/USD pair broke the $1.40 resistance to move into a positive zone.
The price even climbed above the $1.45 level and settled nicely above the 55 simple moving average (4-hours). However, the price seems to be facing a strong resistance near the $1.50 level. A high is formed near $1.50 and the price is now consolidating gains.
There was a break below the $1.480 level. It traded below the 23.6% Fib retracement level of the upward wave from the $1.393 swing low to $1.500 high.
The first key support on the downside is near the $1.447 level. It is close to the 50% Fib retracement level of the upward wave from the $1.393 swing low to $1.500 high. There is also a key bullish trend line forming with support near $1.44 on the 4-hours chart.
If there is a downside break below the trend line, the price could revisit the $1.40 support. The main support is near the $1.385 zone and the 55 simple moving average (4-hours). Any more losses could lead the price towards the $1.30 support.
On the upside, an initial resistance is near the $1.480 level. The first major resistance is now near the $1.495 level. The main hurdle is still near the $1.50 level. A clear close above the $1.50 level could spark a decent move towards the $1.65 level.
The chart indicates that ADA price is now well above the $1.40 support and the 55 simple moving average (4-hours). Overall, the price could start a strong increase if it clears the key $1.50 resistance zone in the near term.
4 hours MACD – The MACD for ADA/USD is now losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $1.44 and $1.40.
Key Resistance Levels – $1.50 and $1.65.
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