Cardano Price Analysis: ADA/USD Remains in Uptrend
- ADA price climbed higher and broke the $0.2050 and $0.2150 resistance levels against the US Dollar (tethered).
- There is a key bullish trend line forming with support at $0.2080 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is currently correcting lower towards the $0.2150 and $0.2080 support levels.
Cardano price is moving nicely in a bullish zone against the US Dollar and Bitcoin. ADA/USD is likely to resume its uptrend once the current correction is over.
Cardano Price Analysis
There were solid gains in ADA price from the $0.1900 swing low against the US Dollar. The price surged higher and broke many resistance levels such as $0.2000 and $0.2080. More importantly, there was a break above a crucial resistance at $0.2150. It traded as high as $0.2280 before sellers appeared. It is currently correcting lower and moved below the $0.2250 level.
There was a break below the 23.6% Fib retracement level of the last wave from the $0.1966 low to $0.2280 high. However, there are many supports on the downside on the way up to $0.2000. An initial support is at $0.2150, which was a resistance earlier and now a major support. Below $0.2150, the 50% Fib retracement level of the last wave from the $0.1966 low to $0.2280 high is near $0.2120. Moreover, there is a key bullish trend line forming with support at $0.2080 on the hourly chart of the ADA/USD pair.
The chart indicates that the price may correct a few points in the near term towards $0.2150 and $0.2080. Later, once the correction is over, it is likely to resume its upside move. On the upside, a break above $0.2280 may perhaps clear the path for more gains towards the $0.2500 level.
Hourly MACD – The MACD for ADA/USD is currently placed in the bearish zone.
Hourly RSI – The RSI for ADA/USD is showing positive signs and is currently near the 50 level.
Major Support Level – $0.2080
Major Resistance Level – $0.2280