Cardano (ADA) Price Analysis: Bulls Aims For $1

• ADA price is gaining pace above the $0.720 zone against the US Dollar.
• The price is now trading above $0.732 and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance at $0.7220 on the 4-hour chart (data feed via Coinbase).
• The price could continue to rise if it clears the $0.7880 and $0.800 resistance levels.

Cardano price is rising above $0.720 against the US Dollar, like Bitcoin. ADA price could rally further if there is a clear move above the $0.80 resistance.

Cardano Price Analysis

This week, Cardano price started a steady increase above the $0.705 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.720 and $0.732 levels.

There was a break above a key bearish trend line with resistance at $0.7220 on the 4-hour chart. The bulls were able to pump the price above the $0.750 resistance. The price even spiked above the $0.780 resistance. A high is formed near $0.7884 and the price is now consolidating gains.

It is trading well above the 23.6% Fib retracement level of the upward move from the $0.5800 swing low to the $0.7884 high. ADA price is also trading above $0.750 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.7880 zone. The next major resistance is near the $0.80 zone. A clear move above the $0.80 resistance might start a strong increase toward $0.8320. Any more gains above the $0.8320 resistance might send the price toward the $0.850 resistance or even $0.880.

On the downside, immediate support is near the $0.7380 level. The next major support is near the $0.6880 level or the 50% Fib retracement level of the upward move from the $0.5800 swing low to the $0.7884 high, below which the price could test $0.6280.

A clear move below the $0.6280 level might send the price toward the $0.600 level. Any more losses might send the price toward the $0.5850 support.

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.720 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.7880 and $0.800 resistance levels.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining pace in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now above the 50 level.

Key Support Levels – $0.7380 and $0.6880.

Key Resistance Levels – $0.7880 and $0.800.

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