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technical analysis cardano ADA

Cardano Price Analysis: ADA/USD Remains in Range above $0.1000

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • ADA price traded higher recently above $0.1050 before facing sellers near $0.1100 against the US Dollar (tethered).
  • There was a break below a key bullish trend line with support at $0.1035 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to extend slides towards the $0.1000 and $0.0980 support levels in the short term.

Cardano price is struggling to gain traction against the US Dollar and Bitcoin. ADA/USD may correct lower towards the $0.1000 support zone.

Cardano Price Analysis

After closing above the $0.1000 support, cardano price traded further higher against the US Dollar.  The ADA/USD pair moved above the $0.1050 resistance and even climbed above $0.1100 plus the 100 hourly simple moving average. The price traded as high as $0.1103 and later started a downside correction. During the decline, the price broke the $0.1050 support and the 100 hourly SMA.

Moreover, there was a break below a key bullish trend line with support at $0.1035 on the hourly chart of the ADA/USD pair. The pair is now trading below the 50% Fibonacci retracement level of the last wave from the $0.0968 low to $0.1103 high. It seems like the price has moved into a short-term bearish zone and it could trade below $0.1030. The next major support is near the $0.1000 level. It also represents the 76.4% Fibonacci retracement level of the last wave from the $0.0968 low to $0.1103 high. Therefore, if the price declines further, the $0.1000 support is likely to hold losses in the near term.

Cardano Price Analysis ADA USD

The chart indicates that ADA price is placed nicely above $0.1000 and $0.0980. There could be losses, but the overall structure is positive above $0.0980. On the upside, resistances are seen near the $0.1060 and $0.1100 levels.

Hourly MACD – The MACD for ADA/USD is slightly placed in the bearish zone.

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

Major Support Level – $0.0980

Major Resistance Level – $0.1100

Tags: ADAADA/USDCardanoCardano priceCardano price AnalysisCardano price Chart
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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