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Key Highlights
- ADA price gained upside momentum and settled above $0.2600 against the US Dollar (tethered).
- There is a rising channel forming with support around the $0.2650 level on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair remains in a strong uptrend and it could accelerate above the $0.3000 level in the near term.
Cardano price accelerated gains against the US Dollar and Bitcoin. ADA/USD is now following a bullish path for a test of the $0.3000 level.
Cardano Price Upside Move
There was a major upside move initiated from the $0.2100 support in ADA price against the US Dollar. The price gained upside momentum and it was able to trade above the $0.2400 and $0.2600 resistance levels. It also moved above the $0.2800 level and formed a new monthly high at $0.2832. At the moment, the price is correcting lower and is trading below the $0.2800 level.
Recently, the price tested the 38.2% Fib retracement level of the last leg from the $0.2148 swing low to $0.2832 high. It seems like the downside move would be limited since there is a major support around the $0.2600 level. There is also a rising channel forming with support around the $0.2650 level on the hourly chart of the ADA/USD pair. Below the trend line support, the 50% Fib retracement level of the last leg from the $0.2148 swing low to $0.2832 high is at $0.2620. Therefore, the price remains well supported on the downside above the $0.2600 level.
The chart indicates a clear uptrend above the $0.2500 level and the 100 hourly simple moving average. On the upside, a break above the $0.2800-0.2820 zone could open the doors for a push towards $0.3000. Lastly, above $0.3000, the price may perhaps test the $0.3200 level.
Hourly MACD – The MACD for ADA/USD is in the bullish zone.
Hourly RSI – The RSI for ADA/USD recently tested the 50 level and moved north.
Major Support Level – $0.2650
Major Resistance Level – $0.2820
