Key Highlights
- ADA price is struggling to move above the $0.3600 and $0.3800 resistance levels against the US Dollar (tethered).
- There is a short term contracting triangle forming with resistance at $0.3400 on the hourly chart of ADA/USD (data feed via Bittrex).
- The pair may soon break the triangle for the next move either above $0.3500 or below $0.3200.
Cardano price is currently moving inside a range against the US Dollar and Bitcoin. ADA/USD may soon make the next move either above $0.3500 or below $0.3200.
Cardano Price Resistance
There were a couple of attempts by buyers to push ADA price above the $0.3800 and $0.4000 levels against the US Dollar. However, they failed and as a result, there was a downside reaction below the $0.3500 level. The price moved below the 23.6% Fib retracement level of the last wave from the $0.2615 low to $0.3805 high. The downside move was steady, but the price found support near the $0.3200 level.
Moreover, the 50% Fib retracement level of the last wave from the $0.2615 low to $0.3805 high acted as a support. ADA is currently holding the $0.3200 support, but it is struggling to move higher. There is a short term contracting triangle forming with resistance at $0.3400 on the hourly chart of ADA/USD. The pair may soon make the next move either above $0.3500 or below $0.3200. If there is a break above $0.3500, the price may retest the $0.3800 level. Above $0.3800, there could an attempt to break the $0.4000 level.
On the downside, an initial support is around the $0.3200 level. A break below $0.3200 could push the price below $0.3000. The next major support sits around the last swing low of $0.2615.
Hourly MACD – The MACD for ADA/USD is currently placed nicely in the bearish zone.
Hourly RSI – The RSI for ADA/USD is struggling to move above the 50 level.
Major Support Level – $0.3500
Major Resistance Level – $0.3200
Charts courtesy – Cryptowat, Bittrex
