Analysis Technical

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

Aayush Jindal | November 12, 2018 | 8:28 am
technical analysis cardano ADA
Analysis

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

Aayush Jindal | November 12, 2018 | 8:28 am

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

Tags: ,    

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.