Cardano Price Analysis: ADA/USD Showing Positive Signs

Key Highlights

  • ADA price remains supported above the $0.1350 pivot area against the US Dollar (tethered).
  • There is a key contracting triangle forming with resistance near $0.1450 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • A break above the $0.1450 and $0.1500 resistance levels may open the doors for more gains.

Cardano price is back in a positive zone against the US Dollar and Bitcoin. ADA/USD remains in an uptrend as long as it is above the $0.1250 support level.

Cardano Price Analysis

This past week, there was a major downside move below $0.1250 in ADA price against the US Dollar. The ADA/USD pair traded towards the $0.1100 level and formed a low at $0.1133. Later, there was an upside move and the price jumped above the $0.1300 resistance level. It even tested the $0.1450 resistance zone and is currently placed well above the 100 hourly simple moving average.

A high was formed at $0.1458 and the price is currently correcting lower. An initial support is near the 23.6% Fib retracement level of the last wave from the $0.1133 low to $0.1458 high. There is also a key contracting triangle forming with resistance near $0.1450 on the hourly chart of the ADA/USD pair. The triangle support is at $0.1350, which could play an important role in the near term. Below this, the price could test the 50% Fib retracement level of the last wave from the $0.1133 low to $0.1458 high around $0.1290.

The chart indicates that the price is well supported above the $0.1300 and $0.1250 levels. To initiate more gains, the price has to move above the $0.1450 and $0.1500 resistance levels. Above this last, the next stop for buyers could be around the $0.1650 level.

Hourly MACD – The MACD for ADA/USD is slowly moving back in the bearish zone.

Hourly RSI – The RSI for ADA/USD is moving lower towards the 50 level with neutral signs.

Major Support Level – $0.1300

Major Resistance Level – $0.1450

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