Cardano Price Technical Analysis – ADA/USD is Bullish Again

Key Highlights

  • ADA price started a nice upside move and traded above the $0.2000 level against the US Dollar (tethered).
  • There is a major ascending channel forming with support at $0.2000 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair may correct a few points, but it remains supported above the $0.2000 and $0.1800 levels.

Cardano price is gaining upside momentum against the US Dollar and Bitcoin. ADA/USD is likely to remains in a bullish zone as long as it is above $0.1800

Cardano Price Trend

After a major decline, ADA price formed a decent support above $0.1500 against the US Dollar. The price started an upside move and traded above the $0.1600 and $0.1800 resistance levels. The upside move was positive as the price even traded above the $0.2000 level. It is now trading well above the $0.1800 level and the 100 hourly simple moving average.

It recently traded as high as $0.2172 and is facing a minor resistance. It may correct a few points with an initial support around the 23.6% Fib retracement level of the last wave from the $0.1751 low to $0.2172 high. There is also a major ascending channel forming with support at $0.2000 on the hourly chart of the ADA/USD pair. The channel support is around the 38.2% Fib retracement level of the last wave from the $0.1751 low to $0.2172 high. Therefore, if the price corrects lower, it could find support near the $0.2000 level.

Cardano Price Technical Analysis ADA USD

Below $0.2000, the previous major resistance at $0.1800 will most likely act as a support. On the upside, the $0.2150-70 zone is a short-term hurdle. Above $0.2170, the price may break the $0.2200 level for a run towards the $0.2500 level.

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

Hourly RSI – The RSI for ADA/USD is currently well above the 60 level.

Major Support Level – $0.2000

Major Resistance Level – $0.2200

 

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.

Source link

Spread the love

Related posts

Leave a Comment