Cardano price is trading with a positive bias above $1.450 against the US Dollar, while bitcoin is rising. ADA price could continue to rise above $1.600 in the coming sessions.
Cardano Price Analysis
After forming a base above the $1.1600 level, cardano price started a strong increase against the US Dollar. The ADA/USD pair broke many hurdles near $1.220 and $1.250 levels to move into a positive zone.
There was a clear break above the $1.350 resistance levels. Recently, there was also a break above a bullish continuation pattern with resistance near $1.340 on the 4-hours chart. The pair gained pace above the $1.400 level and traded to a new yearly high at $1.540.
It is now consolidating gains, with an immediate support near the $1.475 level. It is near the 23.6% Fib retracement level of the upward move from the $1.260 swing low to $1.540 high.
The next major support is near the $1.400 pivot level. The 50% Fib retracement level of the upward move from the $1.260 swing low to $1.540 high is also near the $1.400 zone. Moreover, there is a major bullish trend line forming with support near $1.2600 on the same chart.
Therefore, dips are likely to remain well bid near the $1.400 and $1.320 levels. The price is now trading nicely above the $1.400 support and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $1.550 level.
A clear break above the recent high could open the doors for more gains above the $1.600 level. The next key resistance is near $1.650, followed by $1.800.
Cardano (ADA) Price
The chart indicates that ADA price is clearly trading in a strong uptrend above $1.400. Overall, the price is likely to continue higher above the $1.550 and $1.600 resistance levels.
4 hours MACD – The MACD for ADA/USD is now gaining pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now well above the 60 level.
Key Support Levels – $1.475 and $1.400.
Key Resistance Levels – $1.550 and $1.650.
Source: Read Full Article