Key Highlights
- ADA price is trading nicely above the $0.0650 support area against the US Dollar (tethered).
- There is a key bullish trend line in place with support at $0.0700 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is likely to move higher above the $0.0740 and $0.0750 resistance levels in the near term.
Cardano price is positioned in the bullish zone against the US Dollar and Bitcoin. ADA/USD could move above the $0.0750 resistance to test $0.0800.
Cardano Price Analysis
After forming a base around the $0.0620, cardano price started an upward move against the US Dollar. The ADA/USD pair climbed higher and broke the $0.0650 and $0.0700 resistance levels. The price traded as high as $0.0744 before correcting lower. It declined below the 50% Fibonacci retracement level of the last wave from the $0.0620 low to $0.0744 high.
However, the decline was contained by the $0.0660 support area. More importantly, the 61.8% Fibonacci retracement level of the last wave from the $0.0620 low to $0.0744 high acted as a support. Additionally, there is a key bullish trend line in place with support at $0.0700 on the hourly chart of the ADA/USD pair. The pair may dip a few points in the short term towards the $0.0700 level. However, downsides are likely to be limited and buyers might appear near $0.0700 and $0.0680. On the upside, the price will most likely break the $0.0750 level to trade further higher. The next barrier for buyers is near the $0.0800, which is also a pivot level.
The chart indicates that ADA price is trading in the positive zone above $0.0700. Once there is a break above the $0.0750 resistance, it could open the doors for the next wave up in the near term.
Hourly MACD – The MACD for ADA/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently above the 50 level.
Major Support Level – $0.0700
Major Resistance Level – $0.0750
Author: Aayush Jindal
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