Cardano (ADA) Price Analysis: Key Breakout Zone Near $1.7

Cardano price is facing a major barrier near the $1.700 zone against the US Dollar, similar to bitcoin. ADA price could revisit $1.350 before starting a fresh increase.

Cardano Price Analysis

There was an extended drop in cardano price below the $1.75 and $1.50 support levels against the US Dollar. The ADA/USD pair even broke the $1.350 support level and the 55 simple moving average (4-hours).

There was a spike below the $1.20 level, but the bulls were active above the $1.10 level. A low was formed near $1.070 before the price started a fresh increase. The price was able to recover above the $1.20 and $1.25 resistance levels.

There was also a break above a major bearish trend line with resistance near $1.48 on the 4-hours chart. The pair climbed above the 50% Fib retracement level of the recent decline from the $1.950 swing high to $1.070 low.

However, the price is still trading well below $1.75 zone and the 55 simple moving average (4-hours), It is facing hurdles near the 61.8% Fib retracement level of the recent decline from the $1.950 swing high to $1.070 low. The first major resistance is near the $1.675 and $1.700 levels.

The main resistance is near the $1.750 level and the 55 SMA. A close above $1.70 and $1.75 might pump the price back towards the $2.00 level.

On the downside, an intermediate support could be $1.450. The main support sits at $1.350, below which the price could dive towards the $1.100 level.

Cardano (ADA) Price

The chart indicates that ADA price is clearly trading well below $1.750 support and the 55 simple moving average (4-hours). Overall, the price could correct further lower, but the bulls are likely to remain active near $1.400 and $1.350.

Technical Indicators

4 hours MACD โ€“ The MACD for ADA/USD is now losing pace in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now close to the 50 level.

Key Support Levels โ€“ $1.400 and $1.350.

Key Resistance Levels โ€“ $1.700 and $1.750.

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