- 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