Cardano (ADA) Price Analysis: Bulls Eye Upside Break Above $0.10

After a strong decline, cardano price found support above the $0.0850 level against the US Dollar. There was a break above the $0.0920 resistance level and the price settled above the 55 simple moving average (4-hours).

The next major resistance is near the $0.1060 level since it is close to the 50% Fibonacci retracement level of the key downward wave from the $0.1281 high to $0.0855 low. The chart indicates that ADA price is clearly currently trading in a positive zone above the $0.0920 support level and the 55 simple moving average (4-hours).

Timeline of Cardano