Cardano price climbed higher recently and broke the $0.1000 resistance before correcting lower. Bitcoin price is gaining momentum, increasing chances of a fresh increase in ADA above $0.1000.
- Cardano price is struggling to settle above the key $0.0982 and $0.1000 resistance levels.
- There is a key connecting bullish trend line forming with support near $0.0890 on the 4-hours chart.
- ADA could start a solid increase if it settles above the key $0.1000 pivot level.
Read: VantageFX Broker Guide
Cardano Price Analysis (ADA to USD)
After forming a support base near $0.0840, cardano price started an upward move above $0.0900. ADA price even broke the key $0.1000 resistance level, but it struggled to stay above the stated resistance.
Click to Enlarge Chart
Looking at the 4-hours chart of ADA/USD, the pair climbed above the $0.1000 level, the 25 simple moving average (4-hours), and a major bearish trend line on the same chart.
A swing high was formed at $0.1038 before the price started a downside correction. It declined below the $0.1000 support and the $0.0980 level. Moreover, there was a break below the 50% Fib retracement level of the recent wave from the $0.0843 low to $0.1038 high.
There was also a spike below the $0.0920 level and the 25 simple moving average (4-hours). However, the bulls were able to defend the $0.0900 support area.
The price stayed above the 61.8% Fib retracement level of the recent wave from the $0.0843 low to $0.1038 high. Moreover, there is a key connecting bullish trend line forming with support near $0.0890 on the same chart.
At the outset, the price is trading with a positive bias above the $0.0920 level. On the upside, there are many resistances near the $0.0960, $0.0980, $0.0985 and $0.1000 levels.
A convincing close above the $0.1000 level is needed for a fresh increase in cardano price towards the $0.1050 and $0.1100 levels. Conversely, there is a strong support forming near the $0.0900 area on the downside. If ADA/USD fails to stay above the $0.0900 support, the bulls are likely to lose control in the near term.
The market data is provided by TradingView, Binance.