Cardano Price Technical Analysis – ADA/USD Settles Above $0.20

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Key Highlights

  • ADA price moved sharply higher and cleared a major hurdle at $0.2000 against the US Dollar (tethered).
  • There is a major bullish trend line forming with support at $0.2030 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair may correct a few points in the near term, but it remains supported above $0.2000.

Cardano price back in a bullish zone against the US Dollar and Bitcoin. ADA/USD is now placed nicely above $0.2000 for more gains in the near term.

Cardano Price Support

The past few sessions were very bullish since there was a sharp rise in ADA price from the $0.1650 low against the US Dollar. The price surged higher and broke two important hurdles near the $0.1800 and $0.2000 level. The upside move was strong since the price even broke the $0.2150 level. A high was formed at $0.2207 before the price started a downside move.

It declined and traded below the 23.6% Fib retracement level of the last wave from the $0.1869 low to $0.2207 high. However, there are many supports on the downside above the $0.2000 handle. An initial support is near the 50% Fib retracement level of the last wave from the $0.1869 low to $0.2207 high at $0.2034. Moreover, there is a major bullish trend line forming with support at $0.2030 on the hourly chart of the ADA/USD pair. The trend line support at $0.2030 could hold losses before the next support at $0.2000.

There is another bullish trend line on the downside at $0.1980. Therefore, there are many hurdles for sellers on the downside near $0.2000. On the upside, the price has to move above the $0.2150 level to start a fresh upside move. Above $0.2150, the price may break $0.2210 for more gains in the near term.

Hourly MACD – The MACD for ADA/USD is back in the bullish zone.

Hourly RSI – The RSI for ADA/USD is moving lower toward the 55 level.

Major Support Level – $0.2000

Major Resistance Level – $0.2150

 

Charts courtesy – Trading View



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