Cardano Holding Key Support Can See These Levels

ADA is showing many 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 showing resistance near $ 1,218 on the 4-hour chart of the ADA / USD pair (data source from Bitfinex).

If there is a clear break above $ 1,220, the pair is likely to enter a strong uptrend.

Cardano (ADA) Holds Earnings

After a steady decline, Cardano’s price remained stable above $ 1,000. ADA price traded as low as $ 1,038 before starting an upward correction. There was a modest increase above the $ 1,080 and $ 1,110 resistance levels.

The price even rose above the $ 1,150 level and the 100 simple moving average (4 hours). Bulls pushed the price above the $ 1,220 resistance. A high was formed around $ 1,287 and the price is currently correcting lower.

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There seems to be a large support formed around $ 1,165. There is also a key bearish trend line formed with resistance around $ 1,218 on the 4-hour chart of the ADA / USD pair.

If there is an upside break above the $ 1,200 and $ 1,220 resistance levels, the price could start a strong uptrend. In the stated situation, the price could steadily rise to the $ 1,280 and $ 1,335 levels.

If Cardano’s price fails to cross the $ 1,200 and $ 1,220 resistance levels, it could initiate a new decline. Key breakout support forms near the $ 1,165 and $ 1,150 levels.

A downside break below the $ 1,150 level could open the doors for a fresh drop towards $ 1,050. The next major support is near the $ 1,000 level.

Technical Indicators

4-hour MACD – The MACD for ADA / USD is slowly losing momentum in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for ADA / USD is currently approaching the 50 level.

Major Support Levels – $ 1,165, $ 1,150 and $ 1,050.

Major Resistance Levels – $ 1,200, $ 1,220 and $ 1,280.

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