- ADA price Rides Ascending Channel to Key Resistance
- 25 MA acting as support
- Channel has held price from large breakout
Cardano has started its revival off June lows as price has risen nearly 45%. Cardano (ADA) has been overall a very strong coin as it is still currently up nearly 4000% since lows of last year. $1.00 seems to be a floor for ADA which is near previous ATH of 2018. As long as Cardano can continue rising off this low, this is a great setup for higher prices soon.
While looking at the chart, we can see a clear ascending channel has held the price for the last few weeks. As long as ADA can stay within this range, price revival will continue to previous levels of June. The price recently experienced a rejection at its key resistance of $1.45.
This area has shown to be a mark where if broken, ADA prints a large pump. With that being said, price needs to hold major support zone of $1.36-$1.39 to have a shot at breaking it.
ADA Price Analysis: ADA/USDT 4 Hour Chart
Along with the major support zone, ADA has been held up by the 25 MA. Throughout the last month, each time price has tried holding this mark, it has failed. If this continues to hold, ADA may test its key resistance along with a mid term trend line that price has been stuck under for nearly 6 weeks. Once bulls manage to break these two marks, price will be free for a large rise, with a short term uptrend confirmed.
While looking at the Relative Strength Index, we can see a trend line that has been respected for nearly a week and a half. As long as strength can continue to hold this trend, a push past $1.45 Is imminent. The MACD has resorted back to bullish territory and is consolidating for a large move. Once the MA’s produce a bullish cross, the price should react very positively.
ADA intraday levels
- Spot rate: $1.425
- Trend: Bullish
- Volatility: MediuSupport: $1.36
- Resistance: $1.45
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