Key Highlights
- ADA price is forming a major support base near the $0.3100 level against the US Dollar (tethered).
- The ADA/USD pair is currently moving above a major bearish trend line with resistance at $0.3630 on the hourly chart (data feed via Bittrex).
- The pair may gain upside momentum towards $0.4000 if the recent trend line break is true.
Cardano price is placed nicely in a positive zone against the US Dollar and Bitcoin. ADA/USD could gain upside momentum towards $0.4000 in the near term.
Cardano Price Trend
There were many tests recently of the $0.3000 support in ADA price against the US Dollar. However, sellers were not able to move the price below the $0.3000 support. It seems like a decent support base is forming around the $0.3000 and $0.3100 levels. As long as the price is above the $0.3000 level, it could rise in the near term. At present, the price is attempting to settle above the 23.6% Fib retracement level of the last drop from the $0.4380 high to $0.3100 swing low.
Moreover, the ADA/USD pair is currently moving above a major bearish trend line with resistance at $0.3630 on the hourly chart. If the pair succeeds in settling above $0.3700, there could be further upsides toward $0.4000. An intermediate resistance is around the 50% Fib retracement level of the last drop from the $0.4380 high to $0.3100 swing low. Above the mentioned $0.4000, the price could even test the last swing high of $0.4380, which is a crucial resistance level.
The overall price action is positive above the $0.3000 support. Below $0.3000, the price could move into the bearish zone. On the upside, the price may struggle to gain substantial momentum above the $0.4000 level.
Hourly MACD – The MACD for ADA/USD is slightly gaining pace in the bullish zone.
Hourly RSI – The RSI for ADA/USD has just moved above the 50 level.
Major Support Level – $0.3000
Major Resistance Level – $0.4000
Charts courtesy – Cryptowat, Bittrex