Key Highlights
- ADA price moved higher recently after forming a support near the $0.1225 level against the US Dollar (tethered).
- There was a break above a key contracting triangle with resistance near $0.1290 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is likely to move higher once it breaks the $0.1365 resistance area in the near term.
Cardano price is slowly recovering against the US Dollar and Bitcoin. ADA/USD may perhaps continue to move higher towards the $0.1400 resistance.
Cardano Price Analysis
There was a solid support base formed near $0.1225 in cardano price against the US Dollar. The ADA/USD pair started an upside move and traded above the $0.1250 and $0.1300 resistance levels. It gained traction above $0.1300 and settled above the 100 hourly simple moving average. Buyers also pushed the price above the 50% Fib retracement level of the last decline from the 0.1451 high to $0.1221 low.
Moreover, there was a break above a key contracting triangle with resistance near $0.1290 on the hourly chart of the ADA/USD pair. The pair traded above the $0.1350 level, but it faced sellers near the $0.1360 level. The 61.8% Fib retracement level of the last decline from the 0.1451 high to $0.1221 low also acted as a hurdle. The price is currently consolidating above $0.1300 and the 100 hourly SMA. If the price breaks the $0.1360 resistance, it will most likely surpass the $0.1380 level to test the $0.1400 level.
The chart indicates that ADA price is trading in a positive zone above the $0.1300 level. If it fails to stay above $0.1300, it may perhaps revisit the $0.1225 support. On the upside, a break above $0.1360 and $0.1400 could open the doors for a solid recovery in the near term.
Hourly MACD – The MACD for ADA/USD is placed slightly in the bullish zone.
Hourly RSI – The RSI for ADA/USD is placed well above the 50 level.
Major Support Level – $0.1225
Major Resistance Level – $0.1360
