Key Highlights
- ADA price recovered above the $0.090 resistance and is currently consolidating against the US Dollar (tethered).
- There is a crucial bearish trend line in place with resistance at $0.0990 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair has to move above the trend line and $0.1000 to gain bullish momentum.
Cardano price is placed in a bullish zone against the US Dollar and Bitcoin. ADA/USD must break $0.1000 for an extended recovery in the near term.
Cardano Price Analysis
After a sharp decline, cardano price found support near the $0.0850 level against the US Dollar. The ADA/USD pair traded as low as $0.0842 and later started an upside correction. The price moved above the $0.085 and $0.090 resistance levels. Moreover, there was a break above the 38.2% Fib retracement level of the last slide from the $0.1145 high to $0.0842 low.
At the moment, the price is trading near an important resistance at $0.1000 and the 100 hourly simple moving average. There is also a crucial bearish trend line in place with resistance at $0.0990 on the hourly chart of the ADA/USD pair. Additionally, the 50% Fib retracement level of the last slide from the $0.1145 high to $0.0842 low is at $0.099 to prevent gains. Should the price surpass the trend line and $0.1000, it could accelerate higher. The next resistance is near $0.1075-0.1080, which was a support earlier. Above this, the price will most likely test the last swing high near $0.1145.
The chart indicates that ADA price is currently trading in a positive zone above $0.090. However, a proper close above $0.1000 is needed for buyers to take the center stage. If there is a downside correction, the $0.092 and $0.090 levels are likely to hold declines.
Hourly MACD – The MACD for ADA/USD is placed in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently well above the 50 level.
Major Support Level – $0.0900
Major Resistance Level – $0.1000