ADA daily charts show that a significant bullish wave if forming as the price surged above the main $0.1000 resistance level and therefore started a strong increase. ADA is likely to continue higher towards $0.1250 in the upcoming days so let’s read more about the price analysis in our latest Cardano ADA news.
ADA is showing positive signs and it is trading well above the $0.1000 level against the US dollar. The price cleared the $0.1120 resistance and traded above the 100-day simple moving average. There was also a break above the major bearish trend line with resistance close to the $0.0965 on the daily charts of the pair. The pair could continue higher towards the $0.1250 and the $0.1280 resistance levels. Over the past month, Cardano’s price started a fresh increase from the $0.0755 lows as ADA cleared the $0.0880 and the $0.0950 resistance levels to move into the positive zone.
The upward movement gained some pace with a break above the significant bearish trend line with the resistance close to the $0.0965 forming on the ADA daily charts. There was also a break above the 50% fib retracement level from the key decline at $0.1280 high and the $0.0755 low. Cardano cleared the $0.1120 resistance level and started trading above the 100-day simple moving average so the immediate resistance is getting near the $0.1155 level while getting close to the 76% fib retracement of the key decline from $0.1280 high to the $0.0755 low.
The successful close above the $0.1155 level could even clear the path for bigger increases to the $0.1250 resistance while the next one could come at $0.1280 above which the price could test the $0.1320 level. If Cardano’s price starts a downside correction it will likely find support near the $0.1100 level with the initial support on the downsides nearing the $0.1080 level. The main support is now forming near the $0.1020 level with downsides break below the $0.1020 to which it could mean another decline will start.
The Daily MACD for the pair is gaining pace in the bullish zone while the RSI for ADA/USD is well above the 50 levels. The major support levels include $0.1120 and $0.1080 while the major resistance levels include $0.1155 and $0.1250.v
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