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Key Highlights
- ADA price formed a decent support at $0.1880 and recovered higher against the US Dollar (tethered).
- There was a break above a key bearish trend line with resistance at $0.2050 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair may continue to move higher as long as it is above the $0.2000 support level.
Cardano price is showing recovery signs against the US Dollar and Bitcoin. ADA/USD could correct further higher towards the $0.2250 resistance zone.
Cardano Price Analysis
After a major decline below $0.2000, ADA price found support above the $0.1850 level against the US Dollar. The price traded as low as $0.1880 before starting an upside correction. It moved higher and traded above the $0.1950 and $0.2000 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $0.2600 high to $0.1880 low.
Recently, there was a break above a key bearish trend line with resistance at $0.2050 on the hourly chart of the ADA/USD pair. The current price action suggests positive signs above $0.2000. However, there are a few important hurdles on the upside near $0.2200 and $0.2250. The 50% Fib retracement level of the last decline from the $0.2600 high to $0.1880 low is at $0.2240 to act as a resistance. Moreover, the 100 hourly simple moving average is just below $0.2240. Therefore, if the price corrects further higher, it may perhaps face a lot of selling interest near $0.2400 and $0.2450.
The chart indicates that if the price fails to move above the $0.2250 level, it could drop once again. On the downside, the $0.2000 support holds a lot of importance. A break below this will most likely push the price below the recent low of $0.1880 in the near term.
Hourly MACD – The MACD for ADA/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ADA/USD is flat above the 50 level.
Major Support Level – $0.2000
Major Resistance Level – $0.2250
