Key Highlights
- ADA price has formed a support base near the $0.0920 level against the US Dollar (tethered).
- There is an ascending channel in place with support at $0.0925 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is likely to rise slowly towards the $0.0980 and $0.1000 levels in the near term.
Cardano price is trading in a bullish zone against the US Dollar while declining versus Bitcoin. ADA/USD is likely to climb higher towards the $0.1000 level as long as it is above $0.090.
Cardano Price Analysis
There were a couple of swing moves noted near the $0.0900 support in cardano price against the US Dollar. The ADA/USD pair formed a base above the $0.0900 level and later started an upside move. It traded above the $0.0920 level and settled above the 100 hourly simple moving average. The price traded as high as $0.0968 and it is currently correcting lower.
The recent pullback was below the 23.6% Fibonacci retracement level of the last wave from the $0.0905 low to $0.0968 high. On the downside, there are many supports near the $0.0930 level. It represents the 50% Fibonacci retracement level of the last wave from the $0.0905 low to $0.0968 high. Below this, the 100 hourly SMA is positioned near the $0.0920. More importantly, there is an ascending channel in place with support at $0.0925 on the hourly chart of the ADA/USD pair. As long as the pair is following the highlighted channel and support at $0.0920, it could continue to move higher in the near term.
The chart indicates that ADA price has formed a solid support above $0.0900. However, on the upside, the $0.1000 level is a strong resistance and it won’t be easy for buyers to push the price above it.
Hourly MACD – The MACD for ADA/USD is currently placed in the bullish zone.
Hourly RSI – The RSI for ADA/USD is retreating from the 70 level.
Major Support Level – $0.0920
Major Resistance Level – $0.1000
