Key Highlights
- ADA price found support near the $0.0680 level and recovered against the US Dollar (tethered).
- There was a break above a major bearish trend line with resistance at $0.0710 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is currently trading in a bullish zone and it could move towards $0.0750 or $0.0780 in the near term.
Cardano price is rebounding against the US Dollar and Bitcoin. ADA/USD is likely to correct further higher towards the $0.0750 level.
Cardano Price Analysis
In the last analysis, we saw a major downside move below $0.0720 in cardano price against the US Dollar. The ADA/USD pair declined and broke the $0.0700 support and the 100 hourly simple moving average. The price traded as low as $0.0679 and later started an upside correction. It moved above the $0.0700 level and the 100 hourly simple moving average.
Besides, there was a break above the 23.6% Fibonacci retracement level of the recent decline from the $0.0740 high to $0.0679 low. Moreover, there was a break above a major bearish trend line with resistance at $0.0710 on the hourly chart of the ADA/USD pair. The pair is currently trading above the $.0710 support with a bullish angle. If the price continues to move higher, it could test the $0.0740 or $0.0750 resistance. On the other hand, if there is a downside correction, the price may find a strong support near $0.0700 and the 100 hourly SMA. If there are further losses, the price could revisit the $0.0680 low.
The chart indicates that ADA price is likely to recover further above the $0.0725 level. The main hurdles on the upside are positioned near the $0.0750 and $0.0780 levels. Finally, buyers are likely to struggle near the $0.0800 level.
Hourly MACD – The MACD for ADA/USD is currently moving in the bullish zone.
Hourly RSI – The RSI for ADA/USD is now well above the 50 level.
Major Support Level – $0.0700
Major Resistance Level – $0.0750
