- ADA price topped near the $0.0440 level and later corrected lower against the US Dollar (tethered).
- There is a major breakout pattern in place with resistance at $0.0430 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair could dip in the short term, but it remains supported near $0.0395 and $0.0378.
Cardano price is holding gains against the US Dollar and Bitcoin. ADA/USD musts stay above $0.0370 and $0.0350 for a fresh upward move in the near term.
Cardano Price Analysis
There were decent gains this past week in cardano price above the $0.0350 support against the US Dollar. The ADA/USD pair traded higher and broke the $0.0380 and $0.0400 resistance levels. It traded above the $0.0420 resistance and tested the $0.0450 zone. A high was formed near $0.0440 and later the price started a downside correction. It traded below the $0.0420 level and the 100 hourly simple moving average.
However, the $0.0378 area acted as a solid support. The price bounced back, but upsides were capped near $0.0435. A high was formed at $0.0433 and the price dipped below $0.0420. Sellers pushed the price below the 50% Fibonacci retracement level of the last wave from the $0.0378 low to $0.0433 high. However, the price is well supported near the $0.0400 level. The 61.8% Fibonacci retracement level of the last wave from the $0.0378 low to $0.0433 high is also acting as a support. Moreover, there is a major breakout pattern in place with resistance at $0.0430 on the hourly chart of the ADA/USD pair.
The chart indicates that ADA price is preparing for the next move either above $0.0430 or below $0.0400. On the downside, the price remains well supported near $0.0395 and $0.0378. On the upside, a break above $0.0430 could push the price towards $0.0450 or $0.0500.
Hourly MACD – The MACD for ADA/USD is slightly in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently just below the 50 level.
Major Support Level – $0.0378
Major Resistance Level – $0.0440
Author: Aayush Jindal