Cardano’s price traded to a new multi-month high at $1.48 before correcting lower. ADA declined sharply below $1.20, but the bulls were active above $1.18.
- ADA surged above the $1.20 and $1.40 resistance levels against the US dollar.
- The price is still trading well above $1.20 and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $1.17 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex).
- The pair could dip again towards $1.17 before it starts a fresh increase in the near term.
Cardano (ADA) Remains Strong Uptrend
In the past few days, cardano’s price started a strong increase above the $1.00 resistance. ADA price even cleared the $1.20 resistance and settled well above the 100 simple moving average (4-hours).
There was also a break above the $1.40 level and the price traded to a new multi-month high $1.487. Recently, there was a downside correction below the $1.350 and $1.300 levels. There was also a break below the $1.25 support level.The price also declined below the 50% Fib retracement level of the upward move from the $0.9882 low to $1.487 high. However, the price remained well bid above the $1.750 zone.
Source:There is also a key bullish trend line forming with support near $1.17 on the 4-hours chart of the ADA/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $0.9882 low to $1.487 high.
