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Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

Cardano Price Analysis: ADA/USD Showing Positive Signs Above $0.080

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

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Key Highlights

  • ADA price is trading with a bullish angle above the $0.0800 support against the US Dollar (tethered).
  • There was a break above a major bearish trend line with resistance at $0.0820 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to continue higher towards the $0.0880 and $0.0900 levels in the near term.

Cardano price is slowly moving higher against the US Dollar and Bitcoin. ADA/USD could continue to trade higher and dips remain supported near $0.0820.

Cardano Price Analysis

There was a decent base formed near the $0.0790 level in cardano price against the US Dollar. The ADA/USD pair started an upside move and traded above the $0.0820 and $0.0830 resistance levels. The upside move was positive as the price settled above $0.0820 and the 100 hourly simple moving average. The current price action is positive above the $0.0800 pivot level.

During the climb, there was a break above a major bearish trend line with resistance at $0.0820 on the hourly chart of the ADA/USD pair. The pair traded as high as $0.0855 and it is currently consolidating gains. An initial support is near the 23.6% Fibonacci retracement level of the recent wave from the $0.0802 low to $0.0855 high. Below $0.0844, the price is likely to test the $0.0830 support. It coincides with the 50% Fibonacci retracement level of the recent wave from the $0.0802 low to $0.0855 high. There is also a connecting bullish trend line with support at $0.0815 on the same chart.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is trading with a positive bias above the $0.0815 level. On the upside, a break above the $0.0855 high could trigger more gains. The next key hurdles for buyers are near $0.0880 and $0.0900.

Hourly MACD – The MACD for ADA/USD is currently reducing its bullish slope

Hourly RSI – The RSI for ADA/USD is positioned well above the 50 and 55 levels.

Major Support Level – $0.0815

Major Resistance Level – $0.0855

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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

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Created by industry experts and meticulously reviewed
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