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Cardano Price Analysis: ADA/USD Could Correct To $0.08 Before Higher

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis cardano ADA

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Key Highlights

  • ADA price is trading above the $0.0840 support and the 100 hourly SMA against the US Dollar (tethered).
  • There is a major bullish trend line formed with support at $0.0840 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair could correct lower in the short term towards $0.0800 before buyers appear.

Cardano price is trading in a bullish zone against the US Dollar and Bitcoin. ADA/USD is likely to trade above $0.0900 after a minor downside correction.

Cardano Price Analysis

After trading as low as $0.0745, cardano price started an upward move against the US Dollar. The ADA/USD pair traded higher slowly and steadily above the $0.0800 and $0.0840 resistance levels. The price traded close to the $0.0900 level and settled above the 100 hourly simple moving average. An intraday high was formed at $0.0887 and later the price started a downside correction.

The price declined below the 23.6% Fibonacci retracement level of the last upward move from the $0.0745 low to $0.0887 high. However, losses were contained by the $0.0840 support and the 100 hourly SMA. More importantly, there is a major bullish trend line formed with support at $0.0840 on the hourly chart of the ADA/USD pair. Below the trend line, the pair could slide towards the $0.0800 level. An intermediate support is $0.0810 and the 50% Fibonacci retracement level of the last upward move from the $0.0745 low to $0.0887 high. On the upside, the price needs to break the $0.0880 and $0.0890 levels to gain traction.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price may perhaps correct a few points towards $0.0810 or $0.0800. Once the price completes a correction wave, it could climb above $0.0880. It may even clear the $0.0900 resistance and test the $0.1000 level.

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

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

Major Support Level – $0.0815

Major Resistance Level – $0.0880

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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