Cardano price rallied to a fresh monthly high of $1.23 before correcting lower. According to renowned analyst Aayush Jindal, who made successful assumptions, Cardano price fell sharply below $1.00 but bulls were active above $0.8500.
- Cardano price surged to $1.25 before correcting lower against the US Dollar.
- Price is still trading well above $0.9500 and the 100 simple moving average (4-hours). There is a crucial bullish trend line forming with support near $0.8500 on the 4-hour chart of
- ADA/USD (data source by Bitfinex).
- According to the analyst, the pair could face a bump around $1.06 but the overall trend looks positive.
Celebrity Analyst: Cardano (ADA) Showing Bullish Signs!
For the last few days, Cardano price started a steady rise above the $0.9500 resistance. Cardano price even broke the $1.00 resistance and settled well above the 100 easy moving average (4-hours). Finally, there was a break above the $1.10 level and ADA identified a new ATH near $1.23.
ADA/USD price chart – Source: Tradingview
There has recently been a sharp decline below the $1.10 and 1 $.00 a directional correction. The price even broke below the $0.9500 reinforcement level. Cardano price even tested the $0.8500 support level, but there was no close below the 100 simple moving average (4-hours). A low formed at $0.8057 and the price is currently smoothing. The coin surged above the 50% Fib retracement level of the recent decline.
Analyst: Cardano price is targeting these levels now! There is a crucial bullish trend line forming with reinforcements near $0.8500 on the 4 hour chart of
ADA/USD. The price is currently showing many positive signs above the $0.9500 level. On the upside, a strong resistance is forming near $1.06. This level is close to the 76.4% Fib retracement level of the recent decline from the $1.23 high to $0.8057 low.
A clear break above $1.06 could open the doors for a really strong rally to $1.20. If cardano price fails to clear the $1.05 and $1.06 resistance levels, it might correct the decline again. The first pillar is near the $0.9500 level, according to the analyst. The major underlying is currently forming near the $0.9000 level and the 100 simple moving average (4-hours). A random loss below $0.9000 may risk a breakout below $0.8500.
Current view of Cardano price with technical indicators
4 Hour MACD: The MACD for ADA/USD is gaining in the bullish zone in dynamics .
4-hour RSI (Relative Strength Index): The RSI for ADA/USD is currently trading above the 50 level.
Key boost levels : $0.9800, $0.9500 and $0.9000.
Major resistance levels: $1.05, $1.06 and $1.20.