Home / Cryptocurrency News / Cardano Price Analysis: ADA/USD’s Upsides Remain Capped

Cardano Price Analysis: ADA/USD’s Upsides Remain Capped

Key Highlights

  • ADA price declined recently and broke the $0.2400 support level against the US Dollar (tethered).
  • There is a key bearish trend line in place with resistance at $0.2450 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is currently correcting higher, but upsides are likely to be capped by $0.2450 and $0.2500.

Cardano price is currently under pressure against the US Dollar and Bitcoin. ADA/USD may correct higher, but it will most likely face hurdles around $0.2500.

Cardano Price Analysis

There was no major recovery above $0.2600 in ADA price against the US Dollar. The price topped around the $0.2615 level and the 100 hourly simple moving average. A fresh bearish wave started and the price declined below the $0.2500 and $0.2400 support levels. It traded close to the $0.2300 level and a low was formed at $0.2304. A base was formed and the price is currently correcting higher towards $0.2450.

At the moment, the price is testing the 23.6% Fib retracement level of the last decline from the $0.2616 high to $0.2304 low. However, there are many resistances on the upside around $0.2500. There is also a key bearish trend line in place with resistance at $0.2450 on the hourly chart of the ADA/USD pair. Furthermore, the 50% Fib retracement level of the last decline from the $0.2616 high to $0.2304 low is positioned near $0.2460. Therefore, it seems like the price is likely to face a strong barrier near $0.2450-0.2500.

The chart indicates that the price is slowly recovering from $0.2300. If it fails to move above the $0.2500 resistance, it could decline once again towards $0.2300. Below the stated $0.2300 support, the price may perhaps move towards the $0.2000 handle. On the flip side, above $0.2500, the price might climb towards $0.2750.

Hourly MACD – The MACD for ADA/USD is about to move into the bullish zone.

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

Major Support Level – $0.2300

Major Resistance Level – $0.2500


Source link

About admin

Check Also

Crypto is Taking Over Venezuela, Due to the Country’s Destroyed Fiat System

Venezuela is facing hyperinflation and international sanctions that have brought the economy and its people …

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: