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Cardano (ADA) Price Analysis: Key Upsides Break above $1.62 Likely

  • ADA price started a fresh increase after it tested the $1.35 support zone against the US Dollar.
  • The price is now trading just above $1.55 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $1.48 on the 4-hours chart (data feed via Bitfinex).
  • The price is rising and it could rise sharply if there is a break above the $1.62 and $1.65 levels.

Cardano price is showing a few positive signs above $1.50 against the US Dollar, similar to bitcoin. ADA price could gain pace if it clears the $1.62 resistance zone.

Cardano Price Analysis

This past week, cardano price saw a steady decline from well above $1.80 against the US Dollar. The ADA/USD pair declined below $1.60 and moved into a short-term bearish zone.

There was also a break below $1.50 and the 55 simple moving average (4-hours). The price traded as low as $1.359 before it started an upside correction. There was a recovery wave above the $1.40 and $1.42 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1.89 high to $1.35 low.

There was also a break above a major bearish trend line with resistance near $1.48 on the 4-hours chart. The pair is now trading just above $1.55 and the 55 simple moving average (4-hours).

An immediate resistance on the upside is near the $1.62 level. It is near the 50% Fib retracement level of the downward move from the $1.89 high to $1.35 low. A clear upside break above $1.62 could open the doors for a steady increase in the near term.

The next major resistance is near the $1.70 level. A close above the $1.70 level could open the doors for a steady increase. On the downside, there is a decent support forming near $1.50.

The next key support is near the $1.48 level. Any more losses might call for a move towards the $1.40 support zone.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is clearly trading above $1.50 and the 55 simple moving average (4-hours). Overall, the price is rising and it could rise sharply if there is a break above the $1.62 and $1.65 levels.

Technical Indicators

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 above the 50 level.

Key Support Levels – $1.50 and $1.48.

Key Resistance Levels – $1.62 and $1.70.

The post Cardano (ADA) Price Analysis: Key Upsides Break above $1.62 Likely appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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