Analysis Technical

Cardano Price Analysis: ADA/USD Eyes Upside Break above $0.075

Aayush Jindal | September 20, 2018 | 7:00 am
technical analysis cardano
Analysis

Cardano Price Analysis: ADA/USD Eyes Upside Break above $0.075

Aayush Jindal | September 20, 2018 | 7:00 am

Key Highlights

  • ADA price is trading nicely above the $0.0650 support area against the US Dollar (tethered).
  • There is a key bullish trend line in place with support at $0.0700 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to move higher above the $0.0740 and $0.0750 resistance levels in the near term.

Cardano price is positioned in the bullish zone against the US Dollar and Bitcoin. ADA/USD could move above the $0.0750 resistance to test $0.0800.

Cardano Price Analysis

After forming a base around the $0.0620, cardano price started an upward move against the US Dollar. The ADA/USD pair climbed higher and broke the $0.0650 and $0.0700 resistance levels. The price traded as high as $0.0744 before correcting lower. It declined below the 50% Fibonacci retracement level of the last wave from the $0.0620 low to $0.0744 high.

However, the decline was contained by the $0.0660 support area. More importantly, the 61.8% Fibonacci retracement level of the last wave from the $0.0620 low to $0.0744 high acted as a support. Additionally, there is a key bullish trend line in place with support at $0.0700 on the hourly chart of the ADA/USD pair. The pair may dip a few points in the short term towards the $0.0700 level. However, downsides are likely to be limited and buyers might appear near $0.0700 and $0.0680. On the upside, the price will most likely break the $0.0750 level to trade further higher. The next barrier for buyers is near the $0.0800, which is also a pivot level.

Cardano Price Analysis ADA USD

The chart indicates that ADA price is trading in the positive zone above $0.0700. Once there is a break above the $0.0750 resistance, it could open the doors for the next wave up in the near term.

Hourly MACD – The MACD for ADA/USD is slowly moving in the bullish zone.

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

Major Support Level – $0.0700

Major Resistance Level – $0.0750

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