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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Cardano Price Analysis: ADA/USD Could Recover Above $0.042

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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • ADA price found a strong support near the $0.0350 level and recovered against the US Dollar (tethered).
  • There was a break above a major bearish trend line with resistance at $0.0362 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to rebound further higher towards the $0.0400 and $0.0420 levels in the near term.

Cardano price is slowly recovering against the US Dollar and Bitcoin. ADA/USD may continue to recover towards the $0.0420 or even $0.0450 level.

Cardano Price Analysis

After a solid decline below the $0.0400 support, cardano price found support near $0.0350 against the US Dollar. The ADA/USD pair traded as low as $0.0332 and later started consolidating losses above $0.0350. A decent support base was formed near $0.0350 and later the price started an upward move. It traded above the $0.0370 resistance to move into a positive zone.

Besides, there was a break above the 23.6% Fibonacci retracement level of the last drop from the $0.0450 swing high to $0.0332 low. Moreover, there was a break above a major bearish trend line with resistance at $0.0362 on the hourly chart of the ADA/USD pair. The pair traded above the $0.0380 resistance and the 100 hourly simple moving average. At the moment, the price is testing the 50% Fibonacci retracement level of the last drop from the $0.0450 swing high to $0.0332 low. If there is a break above the $0.0392 and $0.0400 resistances, there could be more gains. The next stop for buyers may be $0.0420, above which the price may test the $0.0450 resistance.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is slowly moving higher towards $0.0420. If buyers remain in action, the price may even test $0.0450. On the downside, an initial support is at $0.0370, below which the price could revisit $0.0350.

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

Hourly RSI – The RSI for ADA/USD is now well above the 55 level.

Major Support Level – $0.0350

Major Resistance Level – $0.0420

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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

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

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