Home / Cryptocurrency / Cardano Price Analysis: ADA/USD Approaching Resistance

Cardano Price Analysis: ADA/USD Approaching Resistance

Key Highlights

  • ADA price declined towards the $0.1220 level before starting an upside correction against the US Dollar (tethered).
  • There is a crucial bearish trend line formed with resistance at $0.1340 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is recovering and it seems like it is approaching towards the $0.1320 and $0.1340 resistances.

Cardano price is slowly recovering against the US Dollar and Bitcoin. ADA/USD must break the $0.1340 resistance to recover further in the near term.

Cardano Price Analysis

After a break below the $0.1340 support, cardano price declined further against the US Dollar. The ADA/USD pair broke the $0.1250 support and traded close to the $0.1220 level. A low was formed at $0.1220 before the price started an upside correction. It gained momentum and moved above the 23.6% Fib retracement level of the last drop from the $0.1449 high to $0.1220 low.

However, there are many barriers waiting on the upside near $0.1340 to prevent gains. An initial resistance is near the $0.1320 level. Above this, the most important resistance is near $0.1340 and the 100 hourly simple moving average. There is also a crucial bearish trend line formed with resistance at $0.1340 on the hourly chart of the ADA/USD pair. More importantly, the 50% Fib retracement level of the last drop from the $0.1449 high to $0.1220 low is positioned near the $0.1335 to stop the current upside move. Therefore, it seems like a break above the $0.1340 level won’t be easy.

Cardano Price Analysis ADA USD

The chart indicates that the price may continue to move higher towards $0.1340. However, a break above $0.1340 depends on how bitcoin and Ethereum trade in the near term. On the downside, supports are seen near the $0.1240 and $0.1220 levels.

Hourly MACD – The MACD for ADA/USD is now placed nicely in the bullish zone.

Hourly RSI – The RSI for ADA/USD is currently moving higher and is placed well above the 50 level.

Major Support Level – $0.1240

Major Resistance Level – $0.1340

About yogabeautyhealth

Check Also

CheapAir Says Goodbye to Coinbase, Hello to BTCPayServer

CheapAir Says Goodbye to Coinbase, Hello to BTCPayServer

Online travel agency CheapAir.com has announced it is no longer working with Coinbase to process its …

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: