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Key Highlights
- ADA price is slowly recovering and is currently trading above the $0.1180 level against the US Dollar (tethered).
- There is a major breakout pattern forming with resistance near $0.1260 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair has to move past the $0.1260 and $0.1280 resistance levels to gain upside momentum.
Cardano price could correct higher against the US Dollar and Bitcoin. ADA/USD must clear $0.1280 to move into a bullish zone in the short term.
Cardano Price Analysis
After a major drop below $0.1200, cardano price found a strong support against the US Dollar. The ADA/USD pair traded as low as $0.1100 and later started an upside correction. It moved above the $0.1140 and $0.1180 resistance levels. More importantly, there was a break above the $0.1200 resistance zone. However, the upside move was capped by the $0.1270 level and the 100 hourly simple moving average.
The price moved down and broke the 38.2% Fib retracement level of the last wave from the $0.1100 low to $0.1267 high. On the downside, there is a decent support near $0.1184. It coincides with the 50% Fib retracement level of the last wave from the $0.1100 low to $0.1267 high. Moreover, there is a major breakout pattern forming with support at $0.1190 on the hourly chart of the ADA/USD pair. Therefore, as long as the price is above $0.1180 and $0.1184, it remains supported for more gains. On the upside, a break above the triangle resistance, 100 hourly SMA, and the $0.1280 resistance zone is needed for further acceleration.
The chart indicates that ADA price recovered nicely after testing $0.1100. However, if it struggles to move past $0.1260 and $0.1280, it could drop once again back towards $0.1200 and $0.1100.
Hourly MACD – The MACD for ADA/USD is moving back in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently flat near the 50 level.
Major Support Level – $0.1180
Major Resistance Level – $0.1280
