Cardano (ADA) Price Analysis: Could Start a New Uptrend, What Are The Significant Levels?

Cardano’s price rebounded hard from the $ 1.05 support zone. The ADA is likely to continue to rise if it clears the key resistance zone of $ 1.22 in the near term. According to the technical analysis of NewsBTC’s Aayush Jindal:

  • ADA is showing many positive signals above the $ 1.15 pivot level against the US Dollar.
  • The price is trading well above $ 1.16 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line showing resistance near $ 1.21 on the 4-hour chart of the ADA / USD pair (based on Bitfinex data).
  • If there is a clear break above $ 1,220, the pair is likely to enter a strong uptrend.

Cardano (ADA) Keeps Its Profits

After a steady decline, Cardano’s price remained stable above $ 1.00. ADA price traded as low as $ 1.03 before starting an upward move. There was a modest increase above the $ 1.08 and $ 1.11 resistance levels.

The price even rose above the $ 1.15 level and the 100 simple moving average (4 hours). Bulls pushed the price above the $ 1.22 resistance. It traded as high as $ 1.28 and the price is currently correcting lower.

There was a break below the $ 1.22 and $ 1.20 support levels. The ADA traded even below the 23.6% Fib retracement level of the upward move from $ 1.03 to $ 1.28. It is now trading well above $ 1,165 and the 100 simple moving average (4 hours).

It looks like there is a big support formed around $ 1.16. The 50% Fib retracement level of the upward move from $ 1.03 to $ 1.28 is also near the $ 1.16 level. There is also a key bearish trend line formed with resistance near $ 1.21 on the 4-hour chart of ADA / USD pair.

If there is an upside break above the $ 1.20 and $ 1.22 resistance levels, the price could start a strong uptrend. In the stated situation, the price could steadily rise to the levels of $ 1.28 and $ 1.33.

Will Cardano (ADA) Fall?

If Cardano’s price fails to cross the $ 1.20 and $ 1.22 resistance levels, it could initiate a new decline. Significant breakout support is formed near the $ 1.16 and $ 1.15 levels.

A downside break below the $ 1.15 level could open the doors for a new drop towards $ 1.05. The next major support is near the $ 1.00 level.

Technical Indicators

4-hour MACD – The MACD for ADA / USD is slowly losing momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for ADA / USD is currently approaching the 50 level.
Major Support Levels – $ 1.16, 1.15 and $ 1.05
Major Resistance Levels – $ 1.20, 1.22 and $ 1.28

Note: Not investment advice. Keep following the SinceCoin.

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