Key Highlights
- ADA price formed a decent support near the $0.0700 level and rallied recently against the US Dollar (tethered).
- There was a break above a key bearish trend line with resistance at $0.0802 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is placed nicely in a positive zone and it could move further towards $0.0880 and $0.0900.
Cardano price jumped back in a positive zone against the US Dollar and Bitcoin. ADA/USD is likely to accelerate gains towards the $0.0900 resistance.
Cardano Price Analysis
After a downside move below the $0.0800 level, cardano price found support against the US Dollar. The ADA/USD pair formed a decent support base near the $0.0700 level and later started an upside move. There was a sharp upward move and the price broke the $0.0750 resistance and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fibonacci retracement level of the last decline from the $0.0886 high to $0.0694 low.
It opened the doors for more gains above the $0.0800 level. More importantly, there was a break above a key bearish trend line with resistance at $0.0802 on the hourly chart of the ADA/USD pair. The pair rallied further and traded above the $0.0810 level. There was a test of the 76.4% Fibonacci retracement level of the last decline from the $0.0886 high to $0.0694 low. The current price action is positive above the $0.0800 level and there could be more gains. On the upside, the price is facing a tough resistance near the $0.0880 and $0.0900 levels. A break above these may well open the doors for a push towards $0.1000.
The chart indicates that ADA price recovered nicely from the $0.0700 support base. If there is a downside correction, the $0.0750 level is likely to protected losses.
Hourly MACD – The MACD for ADA/USD is back in the bullish zone.
Hourly RSI – The RSI for ADA/USD is moving higher towards the 80 level.
Major Support Level – $0.0750
Major Resistance Level – $0.0880
Author: Aayush Jindal
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