cardano technical analysis

Cardano Price Technical Analysis – ADA/USD Approaching Breakout

Avatar Aayush Jindal 2 years ago

Key Highlights

  • ADA price is holding a major support at $0.1450 and is trading higher against the US Dollar (tethered).
  • There is a short-term breakout pattern forming with resistance near $0.1560 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to extend gains above the $0.1560 and $0.1580 resistance levels in the near term.

Cardano price is gaining bullish momentum against the US Dollar and Bitcoin. ADA/USD may continue to rise and it could even break the $0.1580 resistance zone.

Cardano Price Resistance

Recently, we saw a minor downside move below $0.1500 in ADA price against the US Dollar. The price declined from $0.1660 high and tested a major support area at $0.1450 level. Buyers successfully protected further declines below $0.1450 and pushed the price back above $0.1500. There was a close above the stated $0.1500 level and the 100 hourly simple moving average.

During the upside, there was a break above the 38.2% Fib retracement level of the last drop from the $0.1660 high to $0.1443 low. However, the upside move was capped by the $0.1580 resistance area. Moreover, the 61.8% Fib retracement level of the last drop from the $0.1660 high to $0.1443 low also prevented gains. At the moment, there is a short-term breakout pattern forming with resistance near $0.1560 on the hourly chart of the ADA/USD pair. The pair may soon make the next move and trade either above $0.1560 or below $0.1520.

Cardano Price Technical Analysis ADA USD

On the upside, a break above $0.1560 could take the pair above $0.1580. The next resistance on the upside is near the last high at $0.1660. On the flip side, a break below the $0.1520 level would call for a retest of the $0.1450 support zone.

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

Hourly RSI – The RSI for ADA/USD is moving higher toward the 60 level.

Major Support Level – $0.1520

Major Resistance Level – $0.1580

 

Charts courtesy – Trading View

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