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Cardano Price Analysis: ADA/USD Looks Set to Climb Higher

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ADA price found support near the $0.0740 and $0.0750 levels and recovered against the US Dollar (tethered).
  • This week’s key long term bearish trend line is intact with resistance at $0.0770 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair seems to be set for an upside break above the $0.0770 and $0.0780 resistances.

Cardano price is preparing for the next move against the US Dollar and Bitcoin. ADA/USD could climb sharply if it clears the $0.0770 resistance.

Cardano Price Analysis

There was a slow and steady decline in cardano price from the $0.0810 swing high against the US Dollar. The ADA/USD pair declined below the $0.0800 and $0.0780 support levels. Moreover, the price recently declined below the key $0.0752 support, but losses were limited. The price traded as low as $0.0740 and later started a decent upward move.

It climbed back above $0.0752 and the 50% Fibonacci retracement level of the recent slide from the $0.0790 high to $0.0740 low. The current price action is positive above the $0.0752 support. Having said that, the price is facing a solid resistance near the $0.0770 and $0.0780 levels. More importantly, this week’s key long term bearish trend line is intact with resistance at $0.0770 on the hourly chart of the ADA/USD pair. If the pair breaks the trend line and the $0.0780 resistance, there could be more upsides towards the $0.0800 level. The next target could be $0.0805 or the 1.236 Fib extension level of the recent slide from the $0.0790 high to $0.0740 low.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price will most likely break the trend line resistance and $0.0780. If not, there is a risk of a downside reaction back towards the $0.0752 and $0.0740 support levels.

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

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

Major Support Level – $0.0750

Major Resistance Level – $0.0780

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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.

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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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