Key Highlights
- ADA price moved into a bullish zone above the $0.1600 and $0.1700 levels against the US Dollar (tethered).
- There is a tiny connecting bearish trend line with resistance at $0.1780 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair remains well supported above the $0.1700 and the 100 hourly simple moving average.
Cardano price is placed in a bullish zone against the US Dollar and Bitcoin. ADA/USD has to move past $0.1800 to gain traction in the near term.
Cardano Price Analysis
There was a bearish reaction near the $0.1800 resistance zone in cardano price against the US Dollar. The ADA/USD pair declined below $0.1700 and traded close to the $0.1600 support. A low was formed at $0.1609 before the price recovered sharply. There was a close above the $0.1700 level and the 100 hourly simple moving average. However, the price faced a major resistance near $0.17800.
Moreover, there is a tiny connecting bearish trend line with resistance at $0.1780 on the hourly chart of the ADA/USD pair. The pair is currently correcting lower and is trading below the 23.6% Fib retracement level of the last wave from the $0.1609 low to $0.1781 high. On the downside, there are many supports near the $0.1700 and $0.1680 levels. Additionally, the 50% Fib retracement level of the last wave from the $0.1609 low to $0.1781 high is also near $0.1700 to act as a support.
The chart indicates that the price may perhaps break the $0.1780 and $0.1800 resistance levels. Above $0.1800, the price could move towards the next major hurdle near $0.2000. On the flip side, if the price breaks the $0.1700 support and the 100 hourly SMA, there could be more declines towards the $0.1600 level.
Hourly MACD – The MACD for ADA/USD is slightly placed in the bullish zone.
Hourly RSI – The RSI for ADA/USD is moving lower towards the 50 level.
Major Support Level – $0.1700
Major Resistance Level – $0.1800
