- ADA price started a decent recovery after forming a support at $0.0350 against the US Dollar (tethered).
- There is a short term bullish trend line formed with support at $0.0410 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is likely to climb further higher and it may even break $0.0450 in the near term.
Cardano price recovered recently against the US Dollar and Bitcoin. ADA/USD may accelerate gains above the $0.0440 and $0.0450 resistance levels.
Cardano Price Analysis
After forming a support base the near the $0.0350, cardano price started an upward move against the US Dollar. The ADA/USD pair climbed higher and broke the $0.0380 and $0.0400 resistance levels. The price even settled above the $0.0400 level and the 100 hourly simple moving average. It traded close to the $0.0450 resistance and formed a high near the $0.0448 level. Later, the price corrected lower and moved below $0.0420.
There was a break below the 23.6% Fibonacci retracement level of the last wave from the $0.0343 low to $0.0448 high. However, there are many supports near the $0.0400 level. More importantly, there is a short term bullish trend line formed with support at $0.0410 on the hourly chart of the ADA/USD pair. Below the trend line, the next key support is near the $0.0395 level. It represents the 50% Fibonacci retracement level of the last wave from the $0.0343 low to $0.0448 high. On the upside, an initial resistance is at $0.0440 and $0.0450. Above $0.0450, the price is likely to accelerate gains towards the $0.0500 level.
The chart indicates that ADA price is placed nicely above the $0.0390 support and the 100 hourly SMA. If buyers remain in action, there are high chances of more gains above the $0.0450 resistance.
Hourly MACD – The MACD for ADA/USD is about to move into the bullish zone.
Hourly RSI – The RSI for ADA/USD is now just above the 55 level.
Major Support Level – $0.0390
Major Resistance Level – $0.0450
Author: Aayush Jindal