Analysis Technical

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

Aayush Jindal | October 17, 2018 | 8:30 am
technical analysis cardano
Analysis

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

Aayush Jindal | October 17, 2018 | 8:30 am

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.

Cardano Price Analysis ADA Chart

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

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