Cardano Price Analysis: ADA/USD Eyeing Rebound Above $0.075

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

ADA price found support near the $0.0680 level and recovered against the US Dollar (tethered).
There was a break above a major bearish trend line with resistance at $0.0710 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair is currently trading in a bullish zone and it could move towards $0.0750 or $0.0780 in the near term.

Cardano price is rebounding against the US Dollar and Bitcoin. ADA/USD is likely to correct further higher towards the $0.0750 level.

Cardano Price Analysis

In the last analysis, we saw a major downside move below $0.0720 in cardano price against the US Dollar. The ADA/USD pair declined and broke the $0.0700 support and the 100 hourly simple moving average. The price traded as low as $0.0679 and later started an upside correction. It moved above the $0.0700 level and the 100 hourly simple moving average.

Besides, there was a break above the 23.6% Fibonacci retracement level of the recent decline from the $0.0740 high to $0.0679 low. Moreover, there was a break above a major bearish trend line with resistance at $0.0710 on the hourly chart of the ADA/USD pair. The pair is currently trading above the $.0710 support with a bullish angle. If the price continues to move higher, it could test the $0.0740 or $0.0750 resistance. On the other hand, if there is a downside correction, the price may find a strong support near $0.0700 and the 100 hourly SMA. If there are further losses, the price could revisit the $0.0680 low.

The chart indicates that ADA price is likely to recover further above the $0.0725 level. The main hurdles on the upside are positioned near the $0.0750 and $0.0780 levels. Finally, buyers are likely to struggle near the $0.0800 level.

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

Hourly RSI – The RSI for ADA/USD is now well above the 50 level.

Major Support Level – $0.0700

Major Resistance Level – $0.0750

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.

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.
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