Cardano’s price set a new record at $ 1.48 before correcting lower.
Where will the island price go?
The ADA fell sharply below $ 1.20, but the bulls were active above $ 1.18.
The ADA climbed 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.
On the 4-hour chart of the ADA / USD pair, there is a key bullish trend line formed with support near $ 1.17.
The pair could drop back to $ 1.17 before starting a new increase in the near term.
If Cardano’s price fails to cross the $ 1.35 and $ 1.40 resistance levels, it could retrace lower levels. Initial support is near the $ 1.20 level.
The main support is currently forming near the $ 1.75 level and the 100 simple moving average (4-hours). Further losses below $ 1.7500 could risk falling below $ 1.00.
Technical indicators
4-hour MACD – The MACD for ADA / USD is struggling to gain momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for ADA / USD is currently stable above the 50 level.
Major Support Levels – $ 1.20, $ 1.75 and $ 1.10.
Major Resistance Levels – $ 1.35, $ 1.40 and $ 1.50.
