Analysis Technical

Cardano Price Technical Analysis – ADA/USD Support Turned Resistance

Aayush Jindal | May 9, 2018 | 8:00 am
technical analysis cardano
Analysis

Cardano Price Technical Analysis – ADA/USD Support Turned Resistance

Aayush Jindal | May 9, 2018 | 8:00 am

Key Highlights

  • ADA price moved down recently and traded close to the $0.2900 level against the US Dollar (tethered).
  • There is a significant bearish trend line in place with resistance at $0.3200 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair may correct higher in the short term, but the previous support at $0.3200 may act as a resistance.

Cardano price is back in a bearish zone against the US Dollar and Bitcoin. ADA/USD could move higher a few points, but buyers may fail to pierce the $0.3200 barrier.

Cardano Price Resistance

There was a minor recovery in ADA price from the $0.3200 support against the US Dollar. The price traded above the $0.3400 level, but it failed to gain upside momentum above the 100 hourly simple moving average. A high was formed at $0.3451 from where a fresh downside wave was initiated. Sellers gained control and pushed the price below the $0.3200 support area.

The decline was substantial as the price even cleared the $0.3000 support. It traded as low as $0.2965 and is currently consolidating losses. An initial resistance on the upside is near the 23.6% Fib retracement level of the last decline from the $0.3452 high to $0.2965 low. Moreover, there is a significant bearish trend line in place with resistance at $0.3200 on the hourly chart of the ADA/USD pair. The pair may correct higher, but it won’t be easy for buyers to clear the $0.3200 resistance. It also represents the 50% Fib retracement level of the last decline from the $0.3452 high to $0.2965 low.

Cardano Price Technical Analysis ADA USD

The chart indicates that the price is in a bearish zone below $0.3200. Therefore, a close above $0.3200 and $0.3250 is needed for a change in the trend from bearish to bullish.

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

Hourly RSI – The RSI for ADA/USD is near the oversold zone.

Major Support Level – $0.2900

Major Resistance Level – $0.3200

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