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Cardano (ADA) Price Analysis: Uptrend Intact Above $1.40


www.livebitcoinnews.com 18 January 2022 10:08, UTC
Reading time: ~2 m

  • ADA price started a fresh increase from the $1.08 zone against the US Dollar.
  • The price is now trading above $1.40 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $1.44 on the 4-hours chart (data feed via Bitfinex).
  • The price might start a fresh increase if it manages to stay above the $1.40 zone.

Cardano price is gaining pace above $1.40 against the US Dollar, unlike bitcoin. ADA price could start another increase if it stays above $1.40.

Cardano Price Analysis

This week, cardano price saw a fresh increase above the $1.15 zone against the US Dollar. The ADA/USD pair rallied above the $1.20 and $1.25 resistance levels to move into a positive zone.

The bulls gained strength for a move above the $1.40 level and the 55 simple moving average (4-hours). A high is formed near $1.64 and the price is now correcting gains. There was a minor decline below the $1.60 and $1.55 support levels.

The price is now approaching the 23.6% Fib retracement level of the recent rally from the $1.07 swing low to $1.64 high. On the downside, an immediate support is near the $1.500 level.

The first major support is near $1.45. There is also a major bullish trend line forming with support near $1.44 on the 4-hours chart. Any more losses might lead the price towards the $1.35 level. It is near the 50% Fib retracement level of the recent rally from the $1.07 swing low to $1.64 high.

A break below $1.35 could push the price towards the $1.20 level. On the upside, the price is facing resistance near the $1.60 level. The next key resistance is near the $1.64 level, followed by $1.65.

A clear break above the $1.65 resistance could pump the price towards the $1.80 level. Any more gains could push the price towards the $2.00 level.

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $1.40 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if it manages to stay above the $1.40 zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now moving in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now approaching the 65 level.

Key Support Levels – $1.50 and $1.45.

Key Resistance Levels – $1.60 and $1.65.


   Source
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