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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Cardano Price Analysis: ADA/USD at Potentially Major Turning Point

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

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Key Highlights

  • ADA price is struggling to clear a major resistance area near $0.0800 against the US Dollar (tethered).
  • There is a monster long term bearish trend line formed with resistance at $0.0780 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair must break the $0.0780 and $0.0800 resistance levels to move into a bullish zone.

Cardano price is currently consolidating against the US Dollar and Bitcoin. ADA/USD is facing a significant resistance near the $0.0780-0.0800 zone.

Cardano Price Analysis

Recently, cardano price spiked above the $0.0800 resistance area against the US Dollar. However, the ADA/USD pair failed to gain traction above the $0.0800 level. It traded as high as $0.0815 and later started a fresh decline. The price moved down and broke the $0.0780 support and the 100 hourly simple moving average. A low was formed at $0.0750 and later the price started moving higher.

It climbed above the $0.0780 level and the 50% Fibonacci retracement level of the last decline from the $0.0815 high to $0.0752 low. However, the upside move was again capped by the $0.0800 zone. More importantly, there is a monster long term bearish trend line formed with resistance at $0.0780 on the hourly chart of the ADA/USD pair. Therefore, a break above the trend line and the 61.8% Fibonacci retracement level of the last decline from the $0.0815 high to $0.0752 low is must for more gains. Above $0.0800 and the $0.0815 high, the price is likely to climb above the $0.0850 level.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is trading near important levels such as $0.0750 and $0.0800. If buyers continue to fail near the $0.0800 level, there are high chances of a downside break below the $0.0750 support. On the upside, above $0.0800, the price may move into a bullish zone.

Hourly MACD – The MACD for ADA/USD is about to move into the positive zone.

Hourly RSI – The RSI for ADA/USD is currently just below the 50 level.

Major Support Level – $0.0750

Major Resistance Level – $0.0800

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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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