Analysis Technical

Cardano Price Analysis: ADA/USD Primed for Gains above $0.1800

Aayush Jindal | July 25, 2018 | 8:00 am
technical analysis cardano
Analysis

Cardano Price Analysis: ADA/USD Primed for Gains above $0.1800

Aayush Jindal | July 25, 2018 | 8:00 am

Key Highlights

  • ADA price moved into a bullish zone above the $0.1600 and $0.1700 levels against the US Dollar (tethered).
  • There is a tiny connecting bearish trend line with resistance at $0.1780 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair remains well supported above the $0.1700 and the 100 hourly simple moving average.

Cardano price is placed in a bullish zone against the US Dollar and Bitcoin. ADA/USD has to move past $0.1800 to gain traction in the near term.

Cardano Price Analysis

There was a bearish reaction near the $0.1800 resistance zone in cardano price against the US Dollar. The ADA/USD pair declined below $0.1700 and traded close to the $0.1600 support. A low was formed at $0.1609 before the price recovered sharply. There was a close above the $0.1700 level and the 100 hourly simple moving average. However, the price faced a major resistance near $0.17800.

Moreover, there is a tiny connecting bearish trend line with resistance at $0.1780 on the hourly chart of the ADA/USD pair. The pair is currently correcting lower and is trading below the 23.6% Fib retracement level of the last wave from the $0.1609 low to $0.1781 high. On the downside, there are many supports near the $0.1700 and $0.1680 levels. Additionally, the 50% Fib retracement level of the last wave from the $0.1609 low to $0.1781 high is also near $0.1700 to act as a support.

Cardano Price Analysis ADA USD

The chart indicates that the price may perhaps break the $0.1780 and $0.1800 resistance levels. Above $0.1800, the price could move towards the next major hurdle near $0.2000. On the flip side, if the price breaks the $0.1700 support and the 100 hourly SMA, there could be more declines towards the $0.1600 level.

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

Hourly RSI – The RSI for ADA/USD is moving lower towards the 50 level.

Major Support Level – $0.1700

Major Resistance Level – $0.1800

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.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

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