Cardano’s price started a surge of more than $ 0.2000, comparable to bitcoin. ADA is showing positive signs and is likely to remain above USD 0.2800 and USD 0.3000.
- ADA started a surge above USD 0.2000 and USD 0.2400 resistance levels to the US dollar.
- The price is now trading well above USD 0.2600 and the simple 100 (4 hours) moving average.
- There was a break above a major contractile triangle with resistance near USD 0.2280 on the ADA / USD pair’s 4-hour chart (Bitfinex data source).
- The pair is likely to remain above USD 0.2800 and USD 0.2850 in the coming sessions.
Cardano (ADA) is on the rise
In recent days, cardano’s price has started to rally after it settled above USD 0.2000. ADA price surged significantly, breaking many important hurdles near USD 0.2250 and USD 0.2300.
There was also a break above a key contracting triangle with resistance at $ 0.2280 on the 4-hour chart of the ADA / USD pair. It opened the doors for more gains above the USD 0.2500 level and the price settled well above the 100 simple moving average (4 hours).
The price even traded above the USD 0.2650 level and traded towards a new multi-week high at USD 0.2751. It is currently consolidating gains above USD 0.2500 and USD 0.2600. An initial support on the downside is near the USD 0.2550 level.
Source: ADAUSD on TradingView.com
It is close to the 23.6% Fib retracement level of the recent upward move from the $ 0.1929 swing low to the $ 0.2751 high. On the upside, the price is likely to face resistance near USD 0.2750.
A close above the recent high could open the doors for more gains above USD 0.2800 and USD 0.2850. The next big resistance on the upside can be seen near the USD 0.3000 level.
If Cardano’s price fails to reach the USD 0.2750 and USD 0.2800 resistance levels, it may correct lower. An initial support is near USD 0.2500.
The main support is now forming near the USD 0.2350 level. It is close to the 50% Fib retracement level of the recent upward move from the $ 0.1929 swing low to the $ 0.2751 high. A connecting bullish trendline is also forming with support near USD 0.2000 on the same chart.
4-Hour MACD – The MACD for ADA / USD is clearly gaining a strong pace in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for ADA / USD is currently in overbought territory.
Key Support Levels – USD 0.2550, USD 0.2500 and USD 0.2350.
Key Resistance Levels – USD 0.2750, USD 0.2800 and USD 0.3000.