• ADA price started a recovery wave above the $1.30 and $1.40 resistance levels against the US Dollar.
  • The price is still trading below $1.50 and the 55 simple moving average (4-hours).
  • There was a break above a major declining channel with resistance near $1.35 on the 4-hours chart (data feed via Bitfinex).
  • The price might extend gains if it manages to clear the $1.50 resistance zone.

Cardano price is struggling below the $1.50 resistance against the US Dollar, unlike bitcoin. ADA price must clear $1.50 to continue higher.

Cardano Price Analysis

This week, cardano price saw a major decline below the $1.60 level against the US Dollar. The ADA/USD pair traded below the $1.50 support level to enter a bearish zone.

The bears gained strength for a move below the $1.35 level. The price even traded below the $1.30 level and settled below the 55 simple moving average (4-hours). A low was formed near $1.187 and the price is now correcting losses.

There was a break above the $1.35 and $1.40 levels. It even climbed above the 23.6% Fib retracement level of the downward move from the $1.75 swing high to $1.187 low.

Besides, there was a break above a major declining channel with resistance near $1.35 on the 4-hours chart. The next major resistance is near the $1.50 level. It is near the 61.8% Fib retracement level of the downward move from the $1.75 swing high to $1.187 low.

A clear break above the $1.50 resistance could pump the price towards the $1.65 level. Any more gains could push the price towards the $1.80 level.

On the downside, an immediate support is…


Source link

Leave a Reply

Your email address will not be published.

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed