Key Highlights
- ADA price made a nice upside move from the $0.0845 low and broke $0.100 against the US Dollar (tethered).
- There was a break above a major bearish trend line with resistance at $0.0980 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair must is currently correcting lower and it remains well supported above $0.090.
Cardano price is following a bullish path against the US Dollar and Bitcoin. ADA/USD is likely to move past $0.1000 and $0.1100 for more gains in the near term.
Cardano Price Analysis
There was a decent support base formed near $0.0845 in cardano price against the US Dollar. The ADA/USD pair started an upside move and traded above the $0.090 and $0.1000 resistance levels. It even broke the $0.1100 level and formed a high near $0.1121. During the upside move, the price also cleared a strong sell wall near the $0.1050 level and settled above the 100 hourly simple moving average.
Moreover, there was a break above a major bearish trend line with resistance at $0.0980 on the hourly chart of the ADA/USD pair. Later, the pair started a downside correction and moved below $0.1050. It also broke the 50% Fib retracement level of the last wave from the $0.0845 low to $0.1121 high. However, the price is currently finding bids near the $0.0980 level and the 100 hourly SMA. There is also a bullish trend line formed with support at $0.0980 on the same chart. Lastly, the 61.8% Fib retracement level of the last wave from the $0.0845 low to $0.1121 high is at $0.0950.
The chart indicates that ADA price is currently well supported above the $0.0950 level. On the upside, a push above the $0.1050 level is needed for buyers to gain traction for $0.1100 and $0.1120.
Hourly MACD – The MACD for ADA/USD is slightly placed in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently below the 50 level.
Major Support Level – $0.0950
Major Resistance Level – $0.1050
