Key Highlights
- ADA price is struggling to move above the .3600 and .3800 resistance levels against the US Dollar (tethered).
- There is a short term contracting triangle forming with resistance at .3400 on the hourly chart of ADA/USD (data feed via Bittrex).
- The pair may soon break the triangle for the next move either above .3500 or below .3200.
Cardano price is currently moving inside a range against the US Dollar and Bitcoin. ADA/USD may soon make the next move either above .3500 or below .3200.
Cardano Price Resistance
There were a couple of attempts by buyers to push ADA price above the .3800 and .4000 levels against the US Dollar. However, they failed and as a result, there was a downside reaction below the .3500 level. The price moved below the 23.6% Fib retracement level of the last wave from the .2615 low to .3805 high. The downside move was steady, but the price found support near the .3200 level.
Moreover, the 50% Fib retracement level of the last wave from the .2615 low to .3805 high acted as a support. ADA is currently holding the .3200 support, but it is struggling to move higher. There is a short term contracting triangle forming with resistance at .3400 on the hourly chart of ADA/USD. The pair may soon make the next move either above .3500 or below .3200. If there is a break above .3500, the price may retest the .3800 level. Above .3800, there could an attempt to break the .4000 level.
On the downside, an initial support is around the .3200 level. A break below .3200 could push the price below .3000. The next major support sits around the last swing low of .2615.
Hourly MACD – The MACD for ADA/USD is currently placed nicely in the bearish zone.
Hourly RSI – The RSI for ADA/USD is struggling to move above the 50 level.
Major Support Level – .3500
Major Resistance Level – .3200
Charts courtesy – Cryptowat, Bittrex
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