Analysis Technical

Cardano Price Technical Analysis – Can ADA/USD Break This?

Aayush Jindal | March 12, 2018 | 8:00 am
Cardano Price Technical Analysis ADA USD
Analysis

Cardano Price Technical Analysis – Can ADA/USD Break This?

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

Key Highlights

  • ADA price recovered from the $0.1850 swing low against the US Dollar (tethered), but faced sellers near $0.2230.
  • There was a break above a major bearish trend line with resistance at $0.2050 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair has to break the $0.2250 and $0.2300 resistance levels to continue moving higher.

Cardano price is slowly recovering against the US Dollar and Bitcoin. ADA/USD is facing a major resistance below $0.2300 and is struggling to break the same.

Cardano Price Resistance

There was a decent upside move in ADA price after it found support near $0.1850 against the US Dollar. The price recovered and moved above the $0.2000 resistance level. The upside move was positive since there was a close above the $0.2000 level and the 100 hourly simple moving average. It traded above the $0.2200 level, but it faced a strong resistance near $0.2250.

During the upside move, there was a break above a major bearish trend line with resistance at $0.2050 on the hourly chart of the ADA/USD pair. It is a positive sign, but the price has to break the $0.2250 and $0.2300 resistance levels. At the moment, the price is consolidating and is trading below $0.2220. An initial support is near the 23.6% Fib retracement level of the latest wave from the $0.1895 low to $0.2230 high. However, there is a major support forming near $0.2100 and the 100 hourly SMA. It also coincides with the 38.2% Fib retracement level of the latest wave from the $0.1895 low to $0.2230 high.

Cardano Price Technical Analysis ADA USD

Therefore, the $0.2100 is a decent support. On the upside, a break above the $0.2300 level is must for the price to continue moving higher.

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

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

Major Support Level – $0.2100

Major Resistance Level – $0.2300

 

Charts courtesy – Trading View

Tags: , , , , ,
  • Andi Dan

    cardano didn’t go up! btc went up!cardano is down!don’t lie to people your analysis…you report to usd dolar and you are making mistake

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!