Key Highlights
- ADA price found support near the $0.0740 and $0.0750 levels and recovered against the US Dollar (tethered).
- This week’s key long term bearish trend line is intact with resistance at $0.0770 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair seems to be set for an upside break above the $0.0770 and $0.0780 resistances.
Cardano price is preparing for the next move against the US Dollar and Bitcoin. ADA/USD could climb sharply if it clears the $0.0770 resistance.
Cardano Price Analysis
There was a slow and steady decline in cardano price from the $0.0810 swing high against the US Dollar. The ADA/USD pair declined below the $0.0800 and $0.0780 support levels. Moreover, the price recently declined below the key $0.0752 support, but losses were limited. The price traded as low as $0.0740 and later started a decent upward move.
It climbed back above $0.0752 and the 50% Fibonacci retracement level of the recent slide from the $0.0790 high to $0.0740 low. The current price action is positive above the $0.0752 support. Having said that, the price is facing a solid resistance near the $0.0770 and $0.0780 levels. More importantly, this week’s key long term bearish trend line is intact with resistance at $0.0770 on the hourly chart of the ADA/USD pair. If the pair breaks the trend line and the $0.0780 resistance, there could be more upsides towards the $0.0800 level. The next target could be $0.0805 or the 1.236 Fib extension level of the recent slide from the $0.0790 high to $0.0740 low.
The chart indicates that ADA price will most likely break the trend line resistance and $0.0780. If not, there is a risk of a downside reaction back towards the $0.0752 and $0.0740 support levels.
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ADA/USD is now placed well above the 50 level.
Major Support Level – $0.0750
Major Resistance Level – $0.0780
