Key Highlights
- ADA price started a downside correction after trading above the $0.1500 level against the US Dollar (tethered).
- There is a major bullish trend line formed with support at 0.1450 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair must stay above the $0.1450 support and the 100 hourly simple moving average to stay in a bullish zone.
Cardano price is currently correcting lower against the US Dollar and Bitcoin. ADA/USD must hold the $0.1450 support to resume its upside move back above $0.1500.
Cardano Price Analysis
During the past three days, there were decent gains above $0.1500 in ADA price against the US Dollar. The ADA/USD pair traded above the $0.1600 level and formed a high at $0.1610. Later, a downside correction was initiated and the price declined below the $0.1500 support area. There was also a break below the 50% Fib retracement level of the last leg from the $0.1345 low to $0.1610 high.
However, the price is now trading near a major support at $0.1450, which was a resistance earlier. There is also a major bullish trend line formed with support at 0.1450 on the hourly chart of the ADA/USD pair. Moreover, the 61.8% Fib retracement level of the last leg from the $0.1345 low to $0.1610 high is at $0.1446. Finally, the 100 hourly simple moving average is positioned near the trend line and $0.1450. Therefore, the trend line and the $0.1450 support holds a lot of importance. A break below this could push the price back towards the $0.1300 level.
The chart indicates that the price is likely to stay above the $0.1450 support. On the upside, it has to move above the $0.1500 resistance once again to resume its upside move in the near term.
Hourly MACD – The MACD for ADA/USD is currently moving in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently near the 40 level with neutral signs.
Major Support Level – $0.1450
Major Resistance Level – $0.1500
