Key Highlights

·      ADA price is slowly rising higher and is currently trading above the $0.2100 support against the US Dollar (tethered), but faced sellers near $0.2230.

·      There is a key connecting bullish trend line forming with support at $0.2150 on the hourly chart of the ADA/USD pair (data feed via Bittrex).

·      The pair may continue to rise and it could break the $0.2350 resistance for a test of $0.2500.

Cardano price is trading above key supports against the US Dollar and Bitcoin. ADA/USD could rise in the short term towards the $0.2500 level.

Cardano Price Support

There was a nice support base forming above the $0.1800 level ADA price against the US Dollar. The price traded higher and broke the $0.2000 and $0.2100 resistance levels. It even traded above $0.2300 and formed a high near $0.2324. Later, it corrected lower and moved below the 23.6% Fib retracement level of the last wave from the $0.1893 low to $0.2324 high.

However, the downside move was protected by the $0.2100 support and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $0.1893 low to $0.2324 high acted as a support. At the moment, the price is trading higher back towards $0.2324 high. It seems like it could break the $0.2350 resistance and trade towards $0.2500. Above $0.2500, the price may even trade towards the $0.2800 level.