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Key Highlights
- ADA price started a downside correction after trading as high as $0.3103 against the US Dollar (tethered).
- There is a short-term bearish trend line forming with resistance at $0.2850 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair remains supported on the downside around the $0.2650 and $0.2750 levels.
Cardano price is eyeing further upsides against the US Dollar and Bitcoin. ADA/USD could bounce back after testing the $0.2650 support.
Cardano Price Supports
There were further gains above the $0.2500 level in ADA price against the US Dollar. The price moved above the $0.2800 and $0.3000 resistance levels, and traded as high as $0.3103. Later, a downside correction was initiated and the price moved below $0.2800. However, the $0.2650 support region acted as a strong support and prevented further declines.
A low was formed at $0.2681 and the price was rejected from the 100 hourly simple moving average. It moved higher and traded above the 50% Fib retracement level of the last drop from the $0.3103 high to $0.2681 low. However, the upside wave faced sellers near $0.3000. Moreover, the 61.8% Fib retracement level of the last drop from the $0.3103 high to $0.2681 low acted as a resistance. Additionally, there is a short-term bearish trend line forming with resistance at $0.2850 on the hourly chart of the ADA/USD pair. Once the pair breaks the trend line resistance and then $0.3000, it could resume its uptrend.
The chart suggests that the price is well supported on the downside above the $0.2650 level. If there is a dip or an extended correction, it won’t be easy for sellers to clear $0.2650. On the flip side, a break above $0.3000 and $0.3100 may perhaps call for a rally towards $0.3500.
Hourly MACD – The MACD for ADA/USD is slightly in the bearish zone.
Hourly RSI – The RSI for ADA/USD is now well below the 50 with neutral signs.
Major Support Level – $0.2650
Major Resistance Level – $0.3000
