Cardano price rallied recently, but it failed again to surpass the $0.1000 resistance. Bitcoin price is currently gaining strength, which could spark a significant upside break in ADA above $0.1000.
- Cardano price is currently placed nicely above the main $0.0870 support area.
- There is a key bullish trend line forming with support near $0.0910 on the 2-hours chart.
- ADA is forming a bullish candle pattern and it could continue to rise above $0.0980.
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Cardano Price Analysis (ADA to USD)
There was another rejection in cardano price near the $0.0780 level. As a result, ADA price started a strong upward move above $0.0800 and broke the $0.0850 and $0.0900 resistance levels.
Click to Enlarge Chart
Looking at the 2-hours chart of ADA/USD, the pair broke the main $0.0900 resistance level and settled above the 25 simple moving average (2-hours). The upward move was such that the price even cleared the $0.0950 level.
It retested the $0.0980 resistance area, where the bulls failed once again. It seems like the $0.0980 and $0.1000 levels are significant barriers for the bulls.
It recently corrected lower below $0.0950 and the 23.6% Fib retracement level of the latest rise from the $0.0764 low to $0.0973 high. However, the $0.0908 level is acting as a strong support along with the 25 simple moving average (2-hours).
Moreover, there is a key bullish trend line forming with support near $0.0910 on the same chart. If there is a downside break below the $0.0900 support level, the price could test the next major support area near the $0.0870 level.
The 50% Fib retracement level of the latest rise from the $0.0764 low to $0.0973 high is also near the $0.0870 level to provide support. Therefore, as long as the price is above $0.0900 or $0.0870, there are chances of more upsides.
To start a strong upward move, cardano price must break the $0.1000 resistance area. There are high possibilities of ADA clearing the $0.1000 barrier, considering the current strength in bitcoin, Ethereum, ripple, bitcoin cash and Litecoin. Then next major resistance above $0.1000 is near $0.1200.
The market data is provided by TradingView, Binance.
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