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The price of Cardano has surpassed $1.15 against the US dollar, emulating bitcoin's recent surge in value. If there is a clear break above $1.24, the ADA price could continue to increase.
Conclusion
- ADA's price started to rise very quickly above the $1.0 level against the US Dollar.
- This means that the price is now above $1.05 and the simple moving average of 55. (4-hours).
- On the 4-hours chart, there is a big rising channel with support near $1.150 that is going to be very important soon (data feed via Bitfinex).
- The price could go down, but it might not go below $1.150.
Cardano (ADA) Price Prediction
Against the US dollar, the price of cardano has risen further this week, breaking through the $0.850 support level. At $0.88 and $1.00, the ADA/USD pair entered into a bullish zone.
The price closed above the major resistance level of $1.00 as well as the 55-day moving average (4-hours). The bulls were able to push the price up to $1.15 in only a few short days. Price had risen to a new high near $1.244 and is again regaining ground.
Minor movement below the 23.6 percent Fibonacci retracement level of the bullish movement from $1.072 swing low to $1.244 high was observed. On the downside, the $1.165 level serves as an immediate support. If further losses occur, the price could fall to the $1.15 level.
On the 4-hour chart, a major rising channel is formed with support at $1.150. The 50 percent Fib retracement level of the upward movement from the $1.072 swing low to $1.244 high is near the channel support.
As long as the price stays below $1.15, it might fall as low as $1.05. The $1.232 level will act as immediate barrier on the upward. The $1.245 level may serve as the first significant barrier to overcome. It is possible that the price might reach $1.30 if it breaks out clearly to the upside and clears the $1.245 level.
Next, the $1.35 level could serve as a significant barrier. A rise to $1.42 in the near future is possible if further gains are made.
Technical Indicators
This is what the MACD for ADA/USD looks like for the next four hours. It's getting faster in the bullish zone.
This is the RSI for the last four hours. The RSI for ADA/USD is now well above 50.
In order to get the most help, you need to reach the support levels of $1.165 and $1.05.
$1.232 and $1.245 are the main points of resistance.
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