Key Highlights
- ADA price declined recently and broke the $0.2400 support level against the US Dollar (tethered).
- There is a key bearish trend line in place with resistance at $0.2450 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is currently correcting higher, but upsides are likely to be capped by $0.2450 and $0.2500.
Cardano price is currently under pressure against the US Dollar and Bitcoin. ADA/USD may correct higher, but it will most likely face hurdles around $0.2500.
Cardano Price Analysis
There was no major recovery above $0.2600 in ADA price against the US Dollar. The price topped around the $0.2615 level and the 100 hourly simple moving average. A fresh bearish wave started and the price declined below the $0.2500 and $0.2400 support levels. It traded close to the $0.2300 level and a low was formed at $0.2304. A base was formed and the price is currently correcting higher towards $0.2450.
At the moment, the price is testing the 23.6% Fib retracement level of the last decline from the $0.2616 high to $0.2304 low. However, there are many resistances on the upside around $0.2500. There is also a key bearish trend line in place with resistance at $0.2450 on the hourly chart of the ADA/USD pair. Furthermore, the 50% Fib retracement level of the last decline from the $0.2616 high to $0.2304 low is positioned near $0.2460. Therefore, it seems like the price is likely to face a strong barrier near $0.2450-0.2500.
The chart indicates that the price is slowly recovering from $0.2300. If it fails to move above the $0.2500 resistance, it could decline once again towards $0.2300. Below the stated $0.2300 support, the price may perhaps move towards the $0.2000 handle. On the flip side, above $0.2500, the price might climb towards $0.2750.
Hourly MACD – The MACD for ADA/USD is about to move into the bullish zone.
Hourly RSI – The RSI for ADA/USD is well below the 50 level.
Major Support Level – $0.2300
Major Resistance Level – $0.2500
