Analysis Technical

Cardano Price Analysis: ADA/USD Could Surpass $0.1280 To Gain Momentum

Aayush Jindal | August 10, 2018 | 8:00 am
technical analysis cardano
Analysis

Cardano Price Analysis: ADA/USD Could Surpass $0.1280 To Gain Momentum

Aayush Jindal | August 10, 2018 | 8:00 am

Key Highlights

  • ADA price is slowly recovering and is currently trading above the $0.1180 level against the US Dollar (tethered).
  • There is a major breakout pattern forming with resistance near $0.1260 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair has to move past the $0.1260 and $0.1280 resistance levels to gain upside momentum.

Cardano price could correct higher against the US Dollar and Bitcoin. ADA/USD must clear $0.1280 to move into a bullish zone in the short term.

Cardano Price Analysis

After a major drop below $0.1200, cardano price found a strong support against the US Dollar.  The ADA/USD pair traded as low as $0.1100 and later started an upside correction. It moved above the $0.1140 and $0.1180 resistance levels. More importantly, there was a break above the $0.1200 resistance zone. However, the upside move was capped by the $0.1270 level and the 100 hourly simple moving average.

The price moved down and broke the 38.2% Fib retracement level of the last wave from the $0.1100 low to $0.1267 high. On the downside, there is a decent support near $0.1184. It coincides with the 50% Fib retracement level of the last wave from the $0.1100 low to $0.1267 high. Moreover, there is a major breakout pattern forming with support at $0.1190 on the hourly chart of the ADA/USD pair. Therefore, as long as the price is above $0.1180 and $0.1184, it remains supported for more gains. On the upside, a break above the triangle resistance, 100 hourly SMA, and the $0.1280 resistance zone is needed for further acceleration.

Cardano Price Analysis ADA USD

The chart indicates that ADA price recovered nicely after testing $0.1100. However, if it struggles to move past $0.1260 and $0.1280, it could drop once again back towards $0.1200 and $0.1100.

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

Hourly RSI – The RSI for ADA/USD is currently flat near the 50 level.

Major Support Level – $0.1180

Major Resistance Level – $0.1280

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.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

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