Cardano (ADA) Price Analysis: Why The Bulls Remain In Control

2021-03-02 04:28:00

  • ADA price extended its rally above the $1.250 resistance and $1.350 against the US Dollar.
  • The price is trading nicely above the $1.200 support and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $1.180 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to continue higher above the $1.30 unless there is a close below $1.150.

Cardano price is trading in a strong uptrend above $1.000 against the US Dollar, similar to bitcoin. ADA price is likely to continue higher towards the $1.50 resistance zone.

Cardano Price Analysis

Cardano price remained in a strong uptrend above the $1.0000 pivot level against the US Dollar. The ADA/USD pair even gained pace above the $1.20 and $1.250 levels to move further into a positive zone.

As a result, the price spiked above the $1.350 level and traded to a new yearly high at $1.488. Recently, there was a downside correction below the $1.400 and $1.350 levels. The price even traded below the 50% Fib retracement level of the upward move from the $0.991 swing low to $1.488 high.

However, the price is finding strong bids near the $1.200 zone. It is also trading nicely above the $1.200 support and the 55 simple moving average (4-hours). Moreover, there is a major bullish trend line forming with support near $1.180 on the 4-hours chart.

The next key support is near the $0.1810 level. It is close to the 61.8% Fib retracement level of the upward move from the $0.991 swing low to $1.488 high. The main support is now forming near the $1.150 level and the 55 simple moving average (4-hours).

Any more losses might call for a move towards the $1.050 and $1.020 support levels. On the upside, the price is facing a strong resistance near the $1.300 level. A close above the $1.300 level is likely to start a fresh increase towards the $1.450 and $1.500 levels.

Cardano (ADA) Price

The chart indicates that ADA price is clearly trading nicely above $1.200 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $1.30 unless there is a close below $1.150.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is showing positive signs in the bullish zone.

4 hours RSI – The RSI for ADA/USD is moving closer to the 50 level.

Key Support Levels – $1.200 and $1.150.

Key Resistance Levels – $1.30 and $1.45.

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