Cardano Price Technical Analysis – ADA/USD Facing Crucial Resistance

Key Highlights

  • ADA price after a sharp decline below $0.20 found support near $0.1250 against the US Dollar (tethered).
  • There was a break above a key bearish trend line with resistance at $0.1550 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is currently facing a major resistance near $0.165 and the 100 hourly simple moving average.

Cardano price is slowly recovering against the US Dollar and Bitcoin. ADA/USD has to surpass the $0.165 and $0.180 resistance levels to recover further.

Cardano Price Resistance

There were continuous declines in ADA price from well above the $0.2020 against the US Dollar. The price declined and broke the $0.18, $0.165 and $0.150 support levels. It even traded below $0.13 and formed a low near the $0.1237 level. Later, a recovery was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $0.1867 high to $0.1237 low.

Moreover, there was a break above a key bearish trend line with resistance at $0.1550 on the hourly chart of the ADA/USD pair. The pair is now trading in a bullish zone above $0.140. There was also a break above the 50% Fib retracement level of the last decline from the $0.1867 high to $0.1237 low. However, the price is currently facing a major hurdle near the $0.165 level and the 100 hourly simple moving average. Lastly, the 61.8% Fib retracement level of the last decline from the $0.1867 high to $0.1237 low is also acting as a resistance.

Cardano Price Technical Analysis ADA USD

A break above the $0.165 and $0.180 resistance levels is must for more gains in the near term. On the downside, the last swing low of $0.150 is a short term support followed by the $0.1450 level.

Hourly MACD – The MACD for ADA/USD is slightly in the bullish zone.

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

Major Support Level – $0.1450

Major Resistance Level – $0.1800

 

Charts courtesy – Trading View

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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