Key Highlights
- ADA price started a minor upside move and traded above the $0.300i0 level against the US Dollar (tethered).
- There was a break above a major bearish trend line with resistance at $0.3130 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair traded as high as $0.3369 and it is currently correcting lower.
Cardano price is showing a few positive signs against the US Dollar and Bitcoin. ADA/USD must stay above the $0.3000 level to gain upside momentum in the near term.
Cardano Price Support
There was a short-term bottom formed around the $0.2900 level in ADA price against the US Dollar. The price started an upside move and traded above the $0.3000 level. It opened the doors for more gains and the price moved towards $0.3400. During the upside move, there was a break above a major bearish trend line with resistance at $0.3130 on the hourly chart of the ADA/USD pair.
The pair traded as high as $0.3369 and later it started a downside correction. It seems like the $0.3400 and $0.3500 levels are important resistance levels. ADA has declined below the 38.2% Fib retracement level of the last wave from the $0.2890 low to $0.3369 high. However, there are many supports on the downside around the $0.3000 level. More importantly, the broken trend line could act as a support near $0.3100. Furthermore, the 50% Fib retracement level of the last wave from the $0.2890 low to $0.3369 high is at $0.3133 to act as a support.
Therefore, as long as the price is above the $0.3100 level, it may rise once again. On the upside, the price must break the $0.3400 and $0.3500 resistance levels to gain upside momentum.
Hourly MACD – The MACD for ADA/USD is slightly placed in the bearish zone.
Hourly RSI – The RSI for ADA/USD is lower towards the 50 level.
Major Support Level – $0.3100
Major Resistance Level – $0.3500
Charts courtesy – Cryptowat, Bittrex
