Cardano Price Analysis: ADA/USD Attempting Upside Break Above $0.10

Key Highlights

  • ADA price tested the $0.090 support area and recovered higher against the US Dollar (tethered).
  • There was a break above a key bearish trend line with resistance at $0.0940 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is trading in a positive zone above the $0.095, but it facing a major resistance near $0.100.

Cardano price is trading with positive moves against the US Dollar and Bitcoin. ADA/USD must break the $0.100 and $0.105 resistance levels.

Cardano Price Analysis

After a downward move below the $0.1000 support, cardano price found support near $0.090 against the US Dollar.  The ADA/USD pair started a recovery and moved above the $0.095 resistance level. The price also moved above the 23.6% Fibonacci retracement level of the last slide from the $0.1119 high to $0.0904 low, which is a positive sign.

Moreover, there was a break above a key bearish trend line with resistance at $0.0940 on the hourly chart of the ADA/USD pair. However, the upside move was capped by the $0.1000 resistance and the 100 hourly simple moving average. Additionally, the 50% Fibonacci retracement level of the last slide from the $0.1119 high to $0.0904 low also prevented gains. The price is currently correcting lower and is trading near the $0.0970 and $0.0950 levels. If the price corrects further lower, the $0.0940 level is likely to act as a buy zone. On the flip side, the price has to move above the $0.1000 resistance for more gains in the near term.

The chart indicates that ADA price is back in a positive zone above the $0.0940. On the upside, a break above the $0.1000 resistance will most likely open the doors for more gains towards the $0.1200 level.

Hourly MACD – The MACD for ADA/USD is moving nicely in the bullish zone.

Hourly RSI – The RSI for ADA/USD is currently placed well above the 50 level with a bullish angle.

Major Support Level – $0.0940

Major Resistance Level – $0.1000

Author: Aayush Jindal

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