Cardano Price Analysis: ADA/USD Recovery Could Be Capped Near $0.092

Key Highlights

  • ADA price declined recently and broke the $0.1000 and $0.0920 support levels against the US Dollar (tethered).
  • A recovery is under way inside an ascending channel with resistance at $0.0915 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair could correct higher, but it may face sellers near $0.0920 or $0.0940 in the near term.

Cardano price faced a solid selling interest recently against the US Dollar and Bitcoin. ADA/USD is correcting higher, but it could face many hurdles near $0.092.

Cardano Price Analysis

Recently, cardano price failed to break the $0.1080 resistance against the US Dollar. As a result, the ADA/USD pair declined sharply and broke the $0.1000 support. There was also a break and close below the $0.0920 support and the 100 hourly simple moving average. The price traded close to the $0.0800 level and formed a new monthly low at $0.0808.

Later, the price started an upside correction and moved above the $0.0840 level. It also traded above the 23.6% Fibonacci retracement level of the recent slide from the $0.1073 high to $0.0808 low. At the moment, there is an ascending channel in place with resistance at $0.0915 on the hourly chart of the ADA/USD pair. The pair could continue to move higher, but it may face sellers near $0.0918 resistance (the previous support). Above this, the next resistance is the 50% Fibonacci retracement level of the recent slide from the $0.1073 high to $0.0808 low at $0.0941. Therefore, if the price continues to move higher, it could face sellers near $0.0920 or $0.0940.

The chart indicates that ADA price is clearly back in a bearish zone below $0.1000. Once the current correction is complete, it may well slide back towards the $0.0800 level in the near term.

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

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

Major Support Level – $0.0840

Major Resistance Level – $0.0940

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