Cardano Price Analysis: ADA/USD Looks Set to Climb Higher

Aayush Jindal

Last Updated: June 11, 2024 1:32 pm

2 mins read

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Key Highlights

ADA price found support near the $0.0740 and $0.0750 levels and recovered against the US Dollar (tethered).
This week’s key long term bearish trend line is intact with resistance at $0.0770 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair seems to be set for an upside break above the $0.0770 and $0.0780 resistances.

Cardano price is preparing for the next move against the US Dollar and Bitcoin. ADA/USD could climb sharply if it clears the $0.0770 resistance.

Cardano Price Analysis

There was a slow and steady decline in cardano price from the $0.0810 swing high against the US Dollar. The ADA/USD pair declined below the $0.0800 and $0.0780 support levels. Moreover, the price recently declined below the key $0.0752 support, but losses were limited. The price traded as low as $0.0740 and later started a decent upward move.

It climbed back above $0.0752 and the 50% Fibonacci retracement level of the recent slide from the $0.0790 high to $0.0740 low. The current price action is positive above the $0.0752 support. Having said that, the price is facing a solid resistance near the $0.0770 and $0.0780 levels. More importantly, this week’s key long term bearish trend line is intact with resistance at $0.0770 on the hourly chart of the ADA/USD pair. If the pair breaks the trend line and the $0.0780 resistance, there could be more upsides towards the $0.0800 level. The next target could be $0.0805 or the 1.236 Fib extension level of the recent slide from the $0.0790 high to $0.0740 low.

The chart indicates that ADA price will most likely break the trend line resistance and $0.0780. If not, there is a risk of a downside reaction back towards the $0.0752 and $0.0740 support levels.

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

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

Major Support Level – $0.0750

Major Resistance Level – $0.0780

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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