Key Highlights
- ADA price corrected lower after trading as high as $0.1089 against the US Dollar (tethered).
- There was a break below a connecting bullish trend line with support near $0.1030 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair tested the $0.0950 support area where buyers protected further declines.
Cardano price failed to hold gains and corrected lower against the US Dollar and Bitcoin. ADA/USD could move higher, but it is likely to face resistance near $0.1050.
Cardano Price Analysis
There was a decent upside move above the $0.1000 level in cardano price against the US Dollar. The ADA/USD pair traded above the $0.1040 and $0.1050 resistance levels. It traded as high as $0.1089 where it faced resistance, resulting in a downside correction. The price declined and broke the $0.1040 support along with the 100 hourly simple moving average.
During the decline, there was a break below a connecting bullish trend line with support near $0.1030 on the hourly chart of the ADA/USD pair. The pair even cleared the $0.1000 level, but the $0.0950 support area acted as a barrier for sellers. An intraday low was formed at $0.0969 and the price corrected above $0.1000. It even moved above the 23.6% Fibonacci retracement level of the recent drop from the $0.1089 high to $0.0969 low. However, the price is currently struggling to clear the $0.1010 level and the 100 hourly SMA. Above this, there is a bearish trend line near $0.1030. Additionally, the 50% Fibonacci retracement level of the recent drop from the $0.1089 high to $0.0969 low is near $0.1029.
The chart indicates that ADA price could move higher towards the $0.1020 and $0.1030 levels. Though, a break above the $0.1030-0.1050 resistance zone won’t be easy. On the downside, a break below $0.0950 may push the price towards the $0.0900 support.
Hourly MACD – The MACD for ADA/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently near the 50 level.
Major Support Level – $0.0950
Major Resistance Level – $0.1050
