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Cardano Price Analysis: ADA/USD Buyers In Control, $0.080 Next?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read
technical analysis cardano

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Key Highlights

  • ADA price traded higher recently and broke the $0.0750 resistance against the US Dollar (tethered).
  • There are two bullish trend lines in place with support at $0.0740 and $0.0730 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair remains well supported and buyers could attempt to push the price towards $0.0800 in the near term.

Cardano price is moving nicely against the US Dollar and Bitcoin. ADA/USD is likely to continue higher towards the $0.0800 and $0.0810 levels.

Cardano Price Analysis

In the last analysis, we discussed the chances of a recovery above $0.0750 in cardano price against the US Dollar. The ADA/USD pair did trade higher recently and broke the $0.0750 and $0.0760 resistance levels. There was even a close above the $0.0750 level and the 100 hourly simple moving average. The upside move was strong as the price traded as high as $0.0784 before sellers appeared.

Later, the price corrected lower and declined below $0.0760. There was a break below the 23.6% Fibonacci retracement level of the recent upside move from the $0.0704 low to $0.0784 high. However, there is a strong support formed near the $0.0740 and $0.0750 levels. There are also two bullish trend lines in place with support at $0.0740 and $0.0730 on the hourly chart of the ADA/USD pair. Besides, the 50% Fibonacci retracement level of the recent upside move from the $0.0704 low to $0.0784 high at $0.0744 is an immediate support. Therefore, the price is likely to find support near the $0.0740 or $0.0730 level in the near term.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is placed in a bullish zone above $0.0730. On the upside, a break above the $0.0770 and $0.0780 level could open the doors for a push towards $0.0800.

Hourly MACD – The MACD for ADA/USD moved back in the bearish zone.

Hourly RSI – The RSI for ADA/USD is currently flat near the 50 level.

Major Support Level – $0.0730

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

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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