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Key Highlights
- ADA price jumped higher recently and broke the $0.1900 resistance against the US Dollar (tethered).
- There was a break below a key bearish trend line with resistance at $0.19000 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is currently facing a major resistance near the $0.2150 and $0.2160 resistance levels.
Cardano price is back key barriers against the US Dollar and Bitcoin. ADA/USD must break the $0.2150 resistance for further upsides in the near term.
Cardano Price Analysis
After a major decline below the $0.1800 level, ADA price found support near $0.1700 against the US Dollar. The price traded as low as $0.1708 and later it started an upside move. It traded higher and broke the $0.1850 and $0.1900 resistance levels. There was also a break above the 50% Fib retracement level of the last decline from the $0.2285 high to $0.1708 low.
Moreover, there was a break below a key bearish trend line with resistance at $0.19000 on the hourly chart of the ADA/USD pair. The pair settled above the $0.2000 level and the 100 hourly simple moving average. However, the upside move was capped by another major barrier near $0.2150 and $0.2160. A high was formed at $0.2168 before the price dipped below $0.2100. On the downside, an initial support is near the 38.2% Fib retracement level of the last wave from the $0.1708 low to $0.2168 high.
The chart indicates that the broken resistance near $0.1900 is likely to act as a strong support. It also represents the 50% Fib retracement level of the last wave from the $0.1708 low to $0.2168 high. Therefore, any dips from the current levels remain supported above $0.1900. On the upside, a break above $0.2150 could push the price above $0.2300.
Hourly MACD – The MACD for ADA/USD is slowly moving back in the bearish zone.
Hourly RSI – The RSI for ADA/USD is now well above the 50 level.
Major Support Level – $0.1900
Major Resistance Level – $0.2150
