Cardano (ADA) Price Analysis: Bulls Aiming Crucial Break above $0.09
- ADA price is showing positive signs above the $0.0800 resistance zone against the US Dollar.
- The price is facing a significant resistance zone near the $0.0885 and $0.0900 levels.
- There was a break above a major bearish trend line with resistance near $0.0820 on the 4-hours chart (data feed via Kraken).
- The price must clear the $0.0900 resistance to continue higher towards $0.1000 in the near term.
Cardano price is moving in a bullish zone above $0.0800 against the US Dollar, similar to bitcoin. ADA price seems to be eyeing a crucial upside break above the $0.0900 resistance.
Cardano Price Analysis
Cardano price formed a strong support base above the $0.0720 level and started a steady increase against the US Dollar. The ADA/USD pair broke the $0.0780 level and the 55 simple moving average (4-hours) to move into a positive zone.
The recent increase was such that the price settled above the $0.0800 resistance. Moreover, there was a break above a major bearish trend line with resistance near $0.0820 on the 4-hours chart.
The pair is now trading nicely above $0.0840 and recently traded as high as $0.0860. An initial support is near the $0.0840 level, which is close to the 23.6% Fibonacci retracement level of the upward move from the $0.0769 low to $0.0860 high.
The main support is now forming near the $0.0815 level. It represents the 50% Fibonacci retracement level of the upward move from the $0.0769 low to $0.0860 high. The last line of defense for the current wave could be near $0.0800 or the 55 simple moving average (4-hours).
Any further losses may perhaps lead cardano price towards the $0.0720 support zone. Conversely, the price is likely to continue higher above the $0.0880 and $0.0900 resistance levels.
A successful close above the $0.0900 level could open the doors for a sharp increase. The next key resistance is near the $0.1000 level, which might act as a strong hurdle and sell zone in the coming sessions.
The chart indicates that ADA price is trading facing a significant resistance zone near the $0.0885 and $0.0900 levels. The current structure suggests high chances of an upside break above the $0.0900 resistance as long as the price is above $0.0815.
4 hours MACD – The MACD for ADA/USD is currently gaining traction in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now well above the 50 level.
Key Support Levels – $0.0815 and $0.0800.
Key Resistance Levels – $0.0900 and $0.1000.
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