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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ

Cardano Price Analysis: ADA/USD Could Resume Gains Above $0.080

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

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Key Highlights

  • ADA price corrected lower recently and tested the $0.0738 support area against the US Dollar (tethered).
  • There is a major bullish trend line formed with support at $0.0755 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to climb higher once again above the $0.0780 resistance in the near term.

Cardano price is holding key supports against the US Dollar and Bitcoin. ADA/USD could break the $0.0780 resistance as long as it is above $0.0735.

Cardano Price Analysis

After trading above $0.0820 level, cardano price started a downside correction against the US Dollar. The ADA/USD pair moved down and broke the $0.0800 support. There was even a break below the $0.0780 support and the 100 hourly simple moving average. However, the price found a decent buying interest around the $0.0735 level and later recovered. It moved above the 23.6% Fibonacci retracement level of the recent decline from the $0.0821 high to $0.0735 low.

The price also moved above $0.0770 and the 100 hourly SMA. However, the upward move was capped by the $0.0780 resistance. Buyers also failed to push the price above the 50% Fibonacci retracement level of the recent decline from the $0.0821 high to $0.0735 low. There is also a connecting bearish trend line with resistance at $0.0772 on the hourly chart of the ADA/USD pair. Therefore, a break and close above the trend line and $0.0780 could push the price towards $0.0800. On the downside, there is a major bullish trend line formed with support at $0.0755 on the same chart.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is approaching the next break either above $0.0780 or below $0.0750. The chances of an upside break are high as long as there is no close below $0.0735.

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

Hourly RSI – The RSI for ADA/USD is moving lower towards the 50 level.

Major Support Level – $0.0735

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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Reason to trust

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Created by industry experts and meticulously reviewed
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