Analysis Technical

Cardano Price Analysis: ADA/USD Settles Above $0.10, More Gains Likely

Aayush Jindal | August 29, 2018 | 8:00 am
technical analysis cardano ADA
Analysis

Cardano Price Analysis: ADA/USD Settles Above $0.10, More Gains Likely

Aayush Jindal | August 29, 2018 | 8:00 am

Key Highlights

  • ADA price climbed further higher and broke the $0.1000 and $0.1050 resistance levels against the US Dollar (tethered).
  • There is a key bullish trend line formed with support near $0.1020 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair may retest the $0.1000 support where buyers are likely to take a stand in the near term.

Cardano price is placed nicely against the US Dollar versus Bitcoin. ADA/USD is correcting lower, but it could find support near $0.1000 and $0.0970.

Cardano Price Analysis

After forming a base above the $0.0900 support, cardano price started a nice upside move against the US Dollar.  The ADA/USD pair traded above the $0.0940 and $0.0950 resistance levels to move into a bullish zone. Later, buyers gained momentum and pushed the price above the $0.1000 resistance. The price traded as high as $0.1072 and is currently placed well above the 100 hourly simple moving average.

After forming a high at $0.1072, the price started a downside correction. It declined below the 23.6% Fibonacci retracement level of the last wave from the $0.0939 low to $0.1072 high. However, there are many supports above the $0.1000 level. There is also a key bullish trend line formed with support near $0.1020 on the hourly chart of the ADA/USD pair. Below the trend line, the 50% Fibonacci retracement level of the last wave from the $0.0939 low to $0.1072 high is at $0.1006. Therefore, the $0.1000 support area is likely to act as a strong buy zone in the short term.

Cardano Price Analysis ADA USD

The chart indicates that ADA price is trading comfortably above $0.1000. On the upside, an initial resistance is at $0.1060, above which the price could retest the $0.1072 high. Finally, the next major resistance for buyers awaits near the $0.1100 level.

Hourly MACD – The MACD for ADA/USD has moved back in the bearish zone.

Hourly RSI – The RSI for ADA/USD is currently just above the 50 level.

Major Support Level – $0.1000

Major Resistance Level – $0.1060

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