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Breaking News: Binance Founder Suggests President Trump Could Be Satoshi Nakamoto In Latest Statement

Cardano Price Analysis: ADA/USD Eyeing Upside Break Above $0.042

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis cardano

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • ADA price declined sharply below the $0.0400 support and traded towards $0.0340 against the US Dollar (tethered).
  • There is a key bearish trend line formed with resistance at $0.0400 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely test the $0.0420 resistance level, which is a crucial barrier for buyers.

Cardano price extended losses before buyers appeared against the US Dollar and Bitcoin. ADA/USD must break $0.0420 to gain upside momentum in the near term.

Cardano Price Analysis

There were further losses below the $0.0450 support in cardano price against the US Dollar. The ADA/USD pair declined heavily below the $0.0400 support and settled below the 100 hourly simple moving average. The price even broke the $0.0360 support and traded close to the $0.0330 level. A new monthly low was formed at $0.0331 and later the price started an upside correction.

It climbed above the $0.0360 resistance and traded with a positive tone. Buyers pushed the price above the $0.0380 resistance. Moreover, there was a break above the 50% Fibonacci retracement level of the recent decline from the $0.0452 high to $0.0331 low. However, the price is now approaching the $0.0400 and $0.0420 resistance levels. There is also a key bearish trend line formed with resistance at $0.0400 on the hourly chart of the ADA/USD pair. A proper break above the $0.0400 and $0.0420 resistances is needed for buyers to gain traction. If they fail to clear the $0.0420 resistance, there could be a fresh decline towards the $0.0360 support.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price bounced back sharply from the $0.0331 low. There are high chances of more gains once buyers push the price above $0.0420. The next resistance is near the $0.0440 and $0.0450 levels.

Hourly MACD – The MACD for ADA/USD is currently placed in the bullish zone.

Hourly RSI – The RSI for ADA/USD is currently well above the 50 level.

Major Support Level – $0.0360

Major Resistance Level – $0.0420

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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