Cardano price is trading in a positive zone above $0.1000 against the US Dollar, while bitcoin is sliding. ADA price is likely to resume its upward move as long as it is above $0.0950.
Cardano Price Analysis
After forming a strong support near $0.0800, cardano price started a sharp upward move against the US Dollar. The ADA/USD pair broke many key resistance near $0.0850 to move into a bullish zone.
The recent increase was initiated after there was a break below a major bearish trend line with resistance near $0.0860 on the 4-hours chart. The price rallied over 20% and broke the $0.1000 resistance zone.
It traded to a new monthly high at $0.1065 and settled above the 55 simple moving average (4-hours). The price is currently correcting lower and trading below $0.1020. There was a break below the 23.6% Fibonacci retracement level of the upward move from the $0.0923 low to $0.1065 high.
Cardano price is now trading near the previous resistance at $0.1000, which is now acting as a support. It is close to the 50% Fibonacci retracement level of the upward move from the $0.0923 low to $0.1065 high.
If there is a downside break below the $0.1000 support, the price is likely to continue lower towards the $0.0950 support zone. Any further losses could push the price into a bearish zone and it might slide towards the $0.0850 support level.
Conversely, the price might resume its upward move above the $0.1020 level. The first key resistance is near the $0.1050 and $0.1065 levels, above which the price might accelerate higher towards the $0.1200 level.
The chart indicates that ADA price is clearly currently correcting lower, but dips are likely to find support near $0.1000 or $0.0950. Overall, the price is likely to bounce back as long as it is above $0.0950.
4 hours MACD – The MACD for ADA/USD is slowly moving back into the bearish zone.
4 hours RSI – The RSI for ADA/USD is correcting lower and moving towards the 55 level.
Key Support Levels – $0.1000 and $0.0950.
Key Resistance Levels – $0.1050 and $0.1120.