Cardano (ADA) Price Analysis: Bullish Continuation Possible Above $2.25
Cardano price is showing positive signs above $2.00 against the US Dollar, similar to bitcoin. ADA price must stay above $2.00 to continue higher in the near term.
Cardano Price Analysis
After a close above the $1.50 level, cardano price started a fresh increase against the US Dollar. The ADA/USD pair broke the $1.80 resistance to move further into a positive zone.
The price even climbed above the $2.00 level and settled nicely above the 55 simple moving average (4-hours). The upward move was such that the price surpassed the $2.20 level. A high is formed near $2.25 and the price is now consolidating gains.
There was a break below the $2.20 level. It traded below the 23.6% Fib retracement level of the upward wave from the $1.68 swing low to $2.25 high.
It is now trading nicely above the $2.00 support and the 55 simple moving average (4-hours). There is also a key bullish continuation pattern forming with resistance near $2.18 on the 4-hours chart. If there is an upside break above the channel resistance, the price could rally again above $2.20.
The next major resistance is now near the $2.25 level. A clear close above the $2.25 level could spark another upward move. The next target for the bulls could be $2.50.
The first key support on the downside is near the $2.00 level. The next major support is near the $1.95 level. It is close to the 50% Fib retracement level of the upward wave from the $1.68 swing low to $2.25 high. If there is a downside break below the $2.00 and $1.95 support levels, the price could revisit the $1.80 support.
Cardano (ADA) Price
The chart indicates that ADA price is now well above the $2.00 support and the 55 simple moving average (4-hours). Overall, the price could start another strong increase if it clears the $1.25 resistance zone in the near term.
4 hours MACD – The MACD for ADA/USD is still placed in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $2.00 and $1.95.
Key Resistance Levels – $2.20 and $2.25.
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