Key Highlights
- ADA price popped higher and broke the $0.1330 resistance zone against the US Dollar (tethered).
- There was a break above a key contracting triangle with resistance near $0.1390 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is likely to move further higher and it could soon break the $0.1450 resistance.
Cardano price is placed in a bullish zone against the US Dollar and Bitcoin. ADA/USD is likely to accelerate above the $0.1450 and $0.1500 resistances in the near term.
Cardano Price Analysis
There was a decent support base formed above the $0.1250 level in cardano price against the US Dollar. The ADA/USD pair started a nice upside move and broke the $0.1300 and $0.1330 resistance levels. The upside move was strong as the price settled above the $0.1320 pivot level and the 100 hourly simple moving average. An intermediate low was formed at $0.1329 before the price climbed above the $0.1400 resistance.
During the upside, there was a break above a key contracting triangle with resistance near $0.1390 on the hourly chart of the ADA/USD pair. The pair traded as high as $0.1457 before correcting lower. It tested the 38.2% Fib retracement level of the last wave from the $0.1329 low to $0.1457 high. The pair remains supported on the downside near the $0.1400 level. Moreover, the 50% Fib retracement level of the last wave from the $0.1329 low to $0.1457 high at $0.1393 is also a strong support.
The chart indicates that the price is very likely to climb above the $0.1450 resistance in the near term. The next hurdle for buyers awaits near $0.1500, which could prevent gains. Overall, the current price action suggests more gains in ADA as long as the price is above $0.1400.
Hourly MACD – The MACD for ADA/USD is about to move back in the bullish zone.
Hourly RSI – The RSI for ADA/USD is moving higher and is positioned above the 50 level.
Major Support Level – $0.1400
Major Resistance Level – $0.1450
