Key Highlights
- ADA price held the .3200 support level and recovered nicely against the US Dollar (tethered).
- There is a crucial bullish trend line forming with support at .3350 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is on the move and it could extend gains above the .3600 resistance in the near term.
Cardano price gained made good gains against the US Dollar and Bitcoin. ADA/USD is now preparing for an upside break above the .3600 resistance level.
Cardano Price Resistance
After a decent downside correction, ADA price found support near .3200 against the US Dollar. The mentioned .3200 acted as a strong barrier for sellers and protected further declines. Moreover, the 61.8% Fib retracement level of the last leg from the .2810 swing low to .3880 swing high also acted as a support. The price formed a support base at .3200 and started an upside move.
It traded above 23.6% Fib retracement level of the last decline from the .3881 high to .3195 low. More importantly, it broke the .3400 resistance and the 100 hourly simple moving average. At the moment, the price is placed nicely in a bullish zone above .3400 and it could extend gains. A break above the .3600 resistance is needed for a push back towards the .3800 level. On the downside, there is a crucial bullish trend line forming with support at .3350 on the hourly chart of the ADA/USD pair.
The chart indicates that the pair remains supported on the downside near .3350. Below the mentioned .3350 level, the next major support and a pivot level is at .3200. As long as the price is above the .3200 support, it could continue to move higher in the bullish zone towards .3800.
Hourly MACD – The MACD for ADA/USD is currently flat in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently positioned above the 50 level.
Major Support Level – .3350
Major Resistance Level – .3600
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