Analysis Technical

Cardano Price Technical Analysis – ADA/USD to Break Higher?

Aayush Jindal | February 28, 2018 | 8:00 am
Cardano Price Technical Analysis ADA USD
Analysis

Cardano Price Technical Analysis – ADA/USD to Break Higher?

Aayush Jindal | February 28, 2018 | 8:00 am

Key Highlights

  • ADA price is showing positive signs and is currently trading above the $0.3150 support against the US Dollar (tethered).
  • There is a major contracting triangle forming with resistance at $0.3330 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair may perhaps break the $0.3330 and 0.3360 resistance levels to gain upside momentum.

Cardano price is slowly moving higher against the US Dollar and Bitcoin. ADA/USD is likely to extend gains above the $0.3400 resistance in the near term.

Cardano Price Resistance

There was a steady rise initiated in ADA price from the $0.2900 swing low against the US Dollar. The price made a nice upside move and traded above the $0.3000 and $0.3100 resistance levels. There are many positive signs emerging since the price is now above $0.3250. However, there is a major resistance near the $0.3400 level, which must be breached for more gains.

There was a high formed at 0.33669 recently from where a downside correction was initiated. ADA declined and moved below the 50% Fib retracement level of the last wave from the $0.2948 low to $0.3370 swing high. The downside move was protected by the $0.3000 support. Moreover, the 76.4% Fib retracement level of the last wave from the $0.2948 low to $0.3370 swing high also acted as a support. The current price structure is positive above the $0.3200 level. It seems like there is a major contracting triangle forming with resistance at $0.3330 on the hourly chart of the ADA/USD pair.

Cardano Price Technical Analysis ADA USD

The pair must break the triangle resistance at $0.3330 to gain upside momentum. Above $0.3330, the next major resistance is around the $0.3400 level. A proper close above $0.3400 could trigger an upside wave towards the $0.3800 and $0.4000 levels.

Hourly MACD – The MACD for ADA/USD is currently in the bearish zone.

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

Major Support Level – $0.3250

Major Resistance Level – $0.3400

 

Charts courtesy – Cryptowat, Bittrex

Tags: , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.