Cardano (ADA) Price Analysis: Key Hurdle At $2.25
Cardano price is struggling below the $2.25 resistance against the US Dollar, unlike bitcoin. ADA price must clear $2.25 to start a fresh increase.
Cardano Price Analysis
After a close above $2.20, cardano price attempted a break above the $2.25 resistance zone against the US Dollar. The ADA/USD pair spiked above $2.25, but it failed to stay in the positive zone.
It traded as high as $2.298 before there was a sharp bearish wave. The price declined below the $2.15 support and the 55 simple moving average (4-hours). The price even traded below the $2.05 level. A low is formed near $2.00 and it is now slowly rising.
There was a break above the $2.15 level and the 55 simple moving average (4-hours). The price climbed above the 50% Fib retracement level of the downward move from the $2.29 swing high to $2.00 low. An immediate resistance on the upside is near the $2.20 level.
The 61.8% Fib retracement level of the downward move from the $2.29 swing high to $2.00 low is also near the $2.20 level. The next major resistance is near the $2.25 level.
There is also a key bearish trend line forming with resistance near $2.25 on the 4-hours chart. If there is an upside break above the $2.25 zone, the price could rally above $2.30. The next major resistance could be near the $2.50 level.
On the downside, an immediate support is near the $2.15 level. The first major support is near $2.07. Any more losses might lead the price towards the $2.00 level, below which the bears could gain strength in the near term.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $2.15 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if it manages to clear the $2.25 resistance zone.
4 hours MACD – The MACD for ADA/USD is moving in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now back above the 50 level.
Key Support Levels – $2.15 and $2.07.
Key Resistance Levels – $2.20 and $2.25.
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