Cardano Price Technical Analysis – ADA/USD’s Upside Drift

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Key Highlights

  • ADA price started a nice upside move from the $0.1400 level and moved above $0.1500 against the US Dollar (tethered).
  • There is a key bullish trend line forming with support at $0.1550 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair may correct a few points, but it remains supported above the $0.1520 level in the near term.

Cardano price moved in a positive zone against the US Dollar and Bitcoin. ADA/USD is now well above $0.1500 and it may continue to grind higher.

Cardano Price Trend

After a substantial decline, ADA price found support around the $0.1400 level against the US Dollar. The price formed a solid base at $0.1400 and started an upside move. There was a break above the $0.1450 resistance and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the last decline from the $0.1763 high to $0.1400 low.

More importantly, there was a break and close above the $0.1575 resistance, which is a positive sign. At the moment, the price is struggling to break the $0.1650 resistance. Additionally, the 61.8% Fib retracement level of the last decline from the $0.1763 high to $0.1400 low is also acting as a resistance. Therefore, the price may correct a few points in the short term towards $0.1500. On the downside, there is a key bullish trend line forming with support at $0.1550 on the hourly chart of the ADA/USD pair.

A downside move from the current levels remain supported near $0.1550 and $0.1500. On the upside, the price has to surpass $0.1650 for more upsides. Above this last $0.1650, the price may continue to move higher towards the $0.1750 level 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 50 level.

Major Support Level – $0.1500

Major Resistance Level – $0.1650

 

Charts courtesy – Trading View



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