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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Cardano Price Analysis: ADA/USD Showing Bullish Signs Above $0.085

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis cardano

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • ADA price found support near $0.0750 and traded higher against the US Dollar (tethered).
  • There was a break above a key bearish trend line with resistance at $0.0815 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair could continue to move higher towards the $0.0900 and $0.0950 levels in the short term.

Cardano price is showing positive signs against the US Dollar and Bitcoin. ADA/USD remains supported above $0.0750 and it may climb towards the $0.0950 level.

Cardano Price Analysis

There was a downside correction from the $0.0940 swing high in cardano price against the US Dollar. The ADA/USD pair traded lower and broke the $0.0800 support. It tested the $0.0750 support and later started a fresh upward move. Buyers gained momentum and pushed the price above the $0.0800 level and the 100 hourly simple moving average. Also, the price surpassed the 50% Fibonacci retracement level of the last decline from the $0.0940 high to $0.0746 low.

More importantly, there was a break above a key bearish trend line with resistance at $0.0815 on the hourly chart of the ADA/USD pair. The pair is currently trading above the $0.0850 level with a positive bias. On the upside, an immediate resistance is at $0.0900. It coincides with the 76.4% Fibonacci retracement level of the last decline from the $0.0940 high to $0.0746 low. If the price breaks the $0.0900 resistance, it could rally towards the $0.0940 swing high. The final targets for buyers could be $0.0950 and $0.1000.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is trading with a solid technical structure above $0.0800. If there is a downside correction, the 100 hourly SMA and $0.0800 are likely to hold losses. Below the 100 hourly SMA, the price will most likely retest the $0.0750 support.

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

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

Major Support Level – $0.0800

Major Resistance Level – $0.0900

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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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