Cardano Price Analysis: ADA/USD Eyeing Upside Break above $0.080

Aayush Jindal

6 years ago

2 mins read

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Key Highlights

ADA price is holding the $0.0750 support and the 100 hourly simple moving average against the US Dollar (tethered).
There is a major bearish trend line in place with resistance at $0.0800 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair remains supported on dips and it could move higher above $0.0800 in the near term.

Cardano price is placed in a positive zone against the US Dollar and Bitcoin. ADA/USD may perhaps break the $0.0800 resistance to climb further higher.

Cardano Price Analysis

Recently, there was a spike above the $0.0800 resistance in cardano price against the US Dollar. The ADA/USD pair traded as high as $0.0847 and retreated quickly. It seems like it turned out to be a false break above the $0.0800 as the price declined towards $0.0750. A low was formed at $0.0749 before the price started a fresh upward move. The price traded above the $0.0775 resistance and remained above the 100 hourly simple moving average.

It broke the 23.6% Fibonacci retracement level of the recent decline from the $0.0847 high to $0.0749 low. However, the price seems to be struggling near the $0.0800 resistance. There is also a major bearish trend line in place with resistance at $0.0800 on the hourly chart of the ADA/USD pair. The same trend line is positioned around the 50% Fibonacci retracement level of the recent decline from the $0.0847 high to $0.0749 low. Therefore, a break above the $0.0800 resistance will most likely open the doors for more gains towards $0.0850 or $0.0900.

The chart indicates that ADA price is placed nicely above the $0.0750 support and the 100 hourly SMA. As long as the price is above $0.0750, it is likely to clear the $0.0800 resistance in the near term.

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

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

Major Support Level – $0.0750

Major Resistance Level – $0.0800

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.

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.