Key Highlights
- ADA price found support above the .1000 level and it is currently moving higher against the US Dollar (tethered).
- There is a major bullish trend line in place with support at .1050 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is likely to move higher towards the .1080 and .1100 resistance levels.
Cardano price is slowly rising against the US Dollar and Bitcoin. ADA/USD could continue to move higher towards the .1100 level in the near term.
Cardano Price Analysis
There was a downside correction recently in Cardano price from the .1104 high against the US Dollar. The ADA/USD pair declined and broke the .1050 support level. However, buyers appeared near the .1010 level and the 100 hourly simple moving average. As a result, the price started a fresh upward move and traded above the 23.6% Fibonacci retracement level of the drop from the .1104 high to .1099 low.
The price even moved above the .1050 with bullish moves. However, the upside move was capped by the .1070 zone. It is the 61.8% Fibonacci retracement level of the drop from the .1104 high to .1099 low. Moreover, there is a connecting resistance trend line in place with current hurdle at .1080 on the hourly chart of the ADA/USD pair. On the downside, the pair is testing the .1050 support and the 100 hourly SMA. Additionally, there is a major bullish trend line in place with support at .1050 on the same chart.
The chart indicates that ADA price is likely to move higher towards .1080 as long as it is above .1050 and .1020. Above .1080, the price may perhaps test the .1100 resistance area. On the flip side, a break below .1020 could push the price towards the .1000 support.
Hourly MACD – The MACD for ADA/USD is slowly moving in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently near the 50 level.
Major Support Level – .1050
Major Resistance Level – .1100
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