Cardano’s price recovered sharply from the $1.050 support zone. ADA is likely to continue higher if it clears the main $1.220 resistance zone in the near term.
- ADA is showing a lot of positive signs above the $1.150 pivot level against the US dollar.
- The price is trading nicely above $1.165 and the 100 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $1.218 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex).
- The pair is likely to start a strong increase if there is a clear break above $1.220.
Cardano (ADA) is Holding Gains
After a steady decline, cardano’s price remained stable above $1.000. ADA price traded as low as $1.038 before it started an upside correction. There was a decent increase above the $1.080 and $1.110 resistance levels.
The price even surged above the $1.150 level and the 100 simple moving average (4-hours). The bulls pushed the price above the $1.220 resistance. A high was formed near $1.287 and the price is currently correcting lower.There was a break below the $1.220 and $1.200 support levels. ADA even traded below the 23.6% Fib retracement level of the upward move from the $1.038 swing low to $1.287 high. It is now trading nicely above $1.165 and the 100 simple moving average (4-hours).
Source:It seems like there is a major support forming near $1.165. The 50% Fib retracement level of the upward move from the $1.038 swing low to $1.287 high is also near $1.165. Besides, there is a key bearish trend line forming with resistance near $1.218 on the 4-hours chart of the ADA/USD pair.
