Analysis Technical

Cardano Price Technical Analysis – Can ADA/USD Break $0.38-0.40?

Aayush Jindal | February 12, 2018 | 8:00 am
Cardano
Analysis

Cardano Price Technical Analysis – Can ADA/USD Break $0.38-0.40?

Aayush Jindal | February 12, 2018 | 8:00 am

Key Highlights

  • ADA price is holding the $0.3400 support very nicely and is currently moving higher against the US Dollar (tethered).
  • There was a break above a connecting bearish trend line with resistance at $0.3625 on the hourly chart of ADA/USD (data feed via Bittrex).
  • The pair is likely to extend gains, but it won’t be easy for buyers to break the $0.4000 resistance.

Cardano price is slowly rising against the US Dollar and Bitcoin. ADA/USD must clear the $0.4000 resistance to gain further upside momentum.

Cardano Price Support

There was a slow and steady upside move formed from the $0.3200 low in ADA price against the US Dollar. The price traded above $0.4300 before correcting lower. The recent low was formed at $0.3395 from where the price started a fresh upside wave. A connecting bullish trend line with support at $0.3500 on the hourly chart of ADA/USD acted as a support.

The pair moved above $0.3600 and the 23.6% Fib retracement level of the last decline from the $0.4386 high to $0.3395 low. There was also a break above a connecting bearish trend line with resistance at $0.3625 on the same chart. However, the upside move was limited by the $0.3650-0.3700 area. Moreover, there was no complete test of the 38.2% Fib retracement level of the last decline from the $0.4386 high to $0.3395 low. It seems like the price is facing important resistance levels on the upside at $0.3800 and $0.4000. The $0.4000 level is also the 61.8% Fib retracement level of the last decline from the $0.4386 high to $0.3395 low.

Cardano Price Technical Analysis ADA USD

Therefore, a break and close above $0.4000 is needed for buyers to push the price further higher. On the downside, the $0.3400-0.3500 support zone is a decent buy area.

Hourly MACD – The MACD for ADA/USD is slowly moving higher in the bullish zone.

Hourly RSI – The RSI for ADA/USD is just around the 50 level.

Major Support Level – $0.3400

Major Resistance Level – $0.4000

 

Charts courtesy – Cryptowat, Bittrex

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