Cardano Price Analysis: ADA/USD Breaks Key Resistance, $0.14 Next?

Key Highlights

  • ADA price moved higher recently after forming a support near the $0.1225 level against the US Dollar (tethered).
  • There was a break above a key contracting triangle with resistance near $0.1290 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to move higher once it breaks the $0.1365 resistance area in the near term.

Cardano price is slowly recovering against the US Dollar and Bitcoin. ADA/USD may perhaps continue to move higher towards the $0.1400 resistance.

Cardano Price Analysis

There was a solid support base formed near $0.1225 in cardano price against the US Dollar.  The ADA/USD pair started an upside move and traded above the $0.1250 and $0.1300 resistance levels. It gained traction above $0.1300 and settled above the 100 hourly simple moving average. Buyers also pushed the price above the 50% Fib retracement level of the last decline from the 0.1451 high to $0.1221 low.

Moreover, there was a break above a key contracting triangle with resistance near $0.1290 on the hourly chart of the ADA/USD pair. The pair traded above the $0.1350 level, but it faced sellers near the $0.1360 level. The 61.8% Fib retracement level of the last decline from the 0.1451 high to $0.1221 low also acted as a hurdle. The price is currently consolidating above $0.1300 and the 100 hourly SMA. If the price breaks the $0.1360 resistance, it will most likely surpass the $0.1380 level to test the $0.1400 level.

The chart indicates that ADA price is trading in a positive zone above the $0.1300 level. If it fails to stay above $0.1300, it may perhaps revisit the $0.1225 support. On the upside, a break above $0.1360 and $0.1400 could open the doors for a solid recovery in the near term.

Hourly MACD – The MACD for ADA/USD is placed slightly in the bullish zone.

Hourly RSI – The RSI for ADA/USD is placed well above the 50 level.

Major Support Level – $0.1225

Major Resistance Level – $0.1360

Author: Aayush Jindal

Source link

Related posts

14 Thoughts to “Cardano Price Analysis: ADA/USD Breaks Key Resistance, $0.14 Next?”

  1. Football Solutions UEFA Europa League - St Joseph's - Domingo Jesus Ferrer

    LAURIE WHITWELL AT ST ANDREWS: For his first trick, Steve Cotterill turned a team that looked brittle enough to fall over in the wind into one of sufficient strength to stand up to Cardiff. Birmingham City 1-0 Cardiff City: Steve Cotterill gets win in first game back in charge at St. Andrews as Che Adams strike downs league leaders

  2. futbol.run Karim Mossaoui (Netherlands) & Pedro Costa (Portugal) - Futsal EURO - nav_

    SPORTSMAIL COMMENT: Our England team should be the spearhead of the national game, the team that should make us rush to our screens, read all the papers, click on websites and make us excited. ITV were right to say sorry. Unless Roy Hodgson sorts out his grey, unambitious, robots, nobody will care about England. Now that is a national disgrace

  3. Online Dispensary

    … [Trackback]

    […] Find More Information here on that Topic: tradingbtc.com/2018/08/06/cardano-price-analysis-ada-usd-breaks-key-resistance-0-14-next/ […]

  4. digital transformation in organizations

    … [Trackback]

    […] Information on that Topic: tradingbtc.com/2018/08/06/cardano-price-analysis-ada-usd-breaks-key-resistance-0-14-next/ […]

  5. buy cvv uk

    … [Trackback]

    […] Find More Information here to that Topic: tradingbtc.com/2018/08/06/cardano-price-analysis-ada-usd-breaks-key-resistance-0-14-next/ […]

  6. Esport

    … [Trackback]

    […] Find More to that Topic: tradingbtc.com/2018/08/06/cardano-price-analysis-ada-usd-breaks-key-resistance-0-14-next/ […]

  7. nova88

    … [Trackback]

    […] Here you will find 10803 more Information on that Topic: tradingbtc.com/2018/08/06/cardano-price-analysis-ada-usd-breaks-key-resistance-0-14-next/ […]

  8. สล็อตวอเลท

    … [Trackback]

    […] Find More Information here on that Topic: tradingbtc.com/2018/08/06/cardano-price-analysis-ada-usd-breaks-key-resistance-0-14-next/ […]

  9. หนังเอวีซับไทย

    … [Trackback]

    […] There you will find 4781 additional Information to that Topic: tradingbtc.com/2018/08/06/cardano-price-analysis-ada-usd-breaks-key-resistance-0-14-next/ […]

  10. sbo

    … [Trackback]

    […] Find More to that Topic: tradingbtc.com/2018/08/06/cardano-price-analysis-ada-usd-breaks-key-resistance-0-14-next/ […]

  11. เอสบีโอเบท

    … [Trackback]

    […] Info on that Topic: tradingbtc.com/2018/08/06/cardano-price-analysis-ada-usd-breaks-key-resistance-0-14-next/ […]

  12. shroom chocolate bar near me

    … [Trackback]

    […] Here you can find 15240 more Info to that Topic: tradingbtc.com/2018/08/06/cardano-price-analysis-ada-usd-breaks-key-resistance-0-14-next/ […]

  13. 토토셔틀

    … [Trackback]

    […] Read More Information here to that Topic: tradingbtc.com/2018/08/06/cardano-price-analysis-ada-usd-breaks-key-resistance-0-14-next/ […]

  14. polka dot mushroom chocolate bars

    … [Trackback]

    […] Find More Information here to that Topic: tradingbtc.com/2018/08/06/cardano-price-analysis-ada-usd-breaks-key-resistance-0-14-next/ […]

Leave a Comment