Analysis Technical

Cardano Price Analysis: ADA/USD’s Upsides Remain Capped

Aayush Jindal | May 18, 2018 | 8:00 am
technical analysis cardano
Analysis

Cardano Price Analysis: ADA/USD’s Upsides Remain Capped

Aayush Jindal | May 18, 2018 | 8:00 am

Key Highlights

  • ADA price declined recently and broke the $0.2400 support level against the US Dollar (tethered).
  • There is a key bearish trend line in place with resistance at $0.2450 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is currently correcting higher, but upsides are likely to be capped by $0.2450 and $0.2500.

Cardano price is currently under pressure against the US Dollar and Bitcoin. ADA/USD may correct higher, but it will most likely face hurdles around $0.2500.

Cardano Price Analysis

There was no major recovery above $0.2600 in ADA price against the US Dollar. The price topped around the $0.2615 level and the 100 hourly simple moving average. A fresh bearish wave started and the price declined below the $0.2500 and $0.2400 support levels. It traded close to the $0.2300 level and a low was formed at $0.2304. A base was formed and the price is currently correcting higher towards $0.2450.

At the moment, the price is testing the 23.6% Fib retracement level of the last decline from the $0.2616 high to $0.2304 low. However, there are many resistances on the upside around $0.2500. There is also a key bearish trend line in place with resistance at $0.2450 on the hourly chart of the ADA/USD pair. Furthermore, the 50% Fib retracement level of the last decline from the $0.2616 high to $0.2304 low is positioned near $0.2460. Therefore, it seems like the price is likely to face a strong barrier near $0.2450-0.2500.

Cardano Price Analysis ADA USD

The chart indicates that the price is slowly recovering from $0.2300. If it fails to move above the $0.2500 resistance, it could decline once again towards $0.2300. Below the stated $0.2300 support, the price may perhaps move towards the $0.2000 handle. On the flip side, above $0.2500, the price might climb towards $0.2750.

Hourly MACD – The MACD for ADA/USD is about to move into the bullish zone.

Hourly RSI – The RSI for ADA/USD is well below the 50 level.

Major Support Level – $0.2300

Major Resistance Level – $0.2500

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