Cardano Price Technical Analysis – ADA/USD is Bullish Again


Key Highlights

  • ADA price started a nice upside move and traded above the $0.2000 level against the US Dollar (tethered).
  • There is a major ascending channel forming with support at $0.2000 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair may correct a few points, but it remains supported above the $0.2000 and $0.1800 levels.

Cardano price is gaining upside momentum against the US Dollar and Bitcoin. ADA/USD is likely to remains in a bullish zone as long as it is above $0.1800

Cardano Price Trend

After a major decline, ADA price formed a decent support above $0.1500 against the US Dollar. The price started an upside move and traded above the $0.1600 and $0.1800 resistance levels. The upside move was positive as the price even traded above the $0.2000 level. It is now trading well above the $0.1800 level and the 100 hourly simple moving average.

It recently traded as high as $0.2172 and is facing a minor resistance. It may correct a few points with an initial support around the 23.6% Fib retracement level of the last wave from the $0.1751 low to $0.2172 high. There is also a major ascending channel forming with support at $0.2000 on the hourly chart of the ADA/USD pair. The channel support is around the 38.2% Fib retracement level of the last wave from the $0.1751 low to $0.2172 high. Therefore, if the price corrects lower, it could find support near the $0.2000 level.

Cardano Price Technical Analysis ADA USD

Below $0.2000, the previous major resistance at $0.1800 will most likely act as a support. On the upside, the $0.2150-70 zone is a short-term hurdle. Above $0.2170, the price may break the $0.2200 level for a run towards the $0.2500 level.

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

Hourly RSI – The RSI for ADA/USD is currently well above the 60 level.

Major Support Level – $0.2000

Major Resistance Level – $0.2200

 

Charts courtesy – Trading View

The post Cardano Price Technical Analysis – ADA/USD is Bullish Again appeared first on NewsBTC.

Dave Seer

My name is Dave Seer and I'm an expert about bit coin cryptovalute criptomoney etc.

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