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Key Highlights
- ADA price found support above the $0.1000 level and it is currently moving higher against the US Dollar (tethered).
- There is a major bullish trend line in place with support at $0.1050 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is likely to move higher towards the $0.1080 and $0.1100 resistance levels.
Cardano price is slowly rising against the US Dollar and Bitcoin. ADA/USD could continue to move higher towards the $0.1100 level in the near term.
Cardano Price Analysis
There was a downside correction recently in Cardano price from the $0.1104 high against the US Dollar. The ADA/USD pair declined and broke the $0.1050 support level. However, buyers appeared near the $0.1010 level and the 100 hourly simple moving average. As a result, the price started a fresh upward move and traded above the 23.6% Fibonacci retracement level of the drop from the $0.1104 high to $0.1099 low.
The price even moved above the $0.1050 with bullish moves. However, the upside move was capped by the $0.1070 zone. It is the 61.8% Fibonacci retracement level of the drop from the $0.1104 high to $0.1099 low. Moreover, there is a connecting resistance trend line in place with current hurdle at $0.1080 on the hourly chart of the ADA/USD pair. On the downside, the pair is testing the $0.1050 support and the 100 hourly SMA. Additionally, there is a major bullish trend line in place with support at $0.1050 on the same chart.
The chart indicates that ADA price is likely to move higher towards $0.1080 as long as it is above $0.1050 and $0.1020. Above $0.1080, the price may perhaps test the $0.1100 resistance area. On the flip side, a break below $0.1020 could push the price towards the $0.1000 support.
Hourly MACD – The MACD for ADA/USD is slowly moving in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently near the 50 level.
Major Support Level – $0.1050
Major Resistance Level – $0.1100
