Cardano Price Analysis: Dips in ADA/USD Remains Supported
- ADA price started a nice upside move after testing the $0.1550 support against the US Dollar (tethered).
- There was a break above a crucial bearish trend line with resistance at $0.1650 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is currently placed above the 100 hourly simple moving average and the $0.1700 support.
Cardano price is gaining momentum against the US Dollar and Bitcoin. ADA/USD is likely to move further higher above the $0.1800 level in the near term.
Cardano Price Analysis
After a major downside correction, cardano price found support above the $0.1500 level against the US Dollar. The ADA/USD pair formed a low at $0.1542 and later started an upside move. It traded above the $0.1600 resistance to start a decent recovery. The price also broke the 23.6% Fib retracement level of the last drop from the $0.1970 high to $0.1542 low.
Moreover, there was a break above a crucial bearish trend line with resistance at $0.1650 on the hourly chart of the ADA/USD pair. The pair also succeeded in settling above the $0.1700 level and the 100 hourly simple moving average. It has opened the doors for more gains above $0.1800 in the near term. An immediate resistance is at $0.1800 and the 61.8% Fib retracement level of the last drop from the $0.1970 high to $0.1542 low. Should there be a break above these, the price could accelerate back towards the $0.1900 and $0.1950 levels.
The chart indicates that the price is slowly moving higher and is well supported near $0.1700. If the price corrects lower from the current levels, it may perhaps find support near $0.1710 and the 100 hourly SMA. There is also a bullish trend line with support at $0.1710 on the same chart.
Hourly MACD – The MACD for ADA/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently well above the 50 level.
Major Support Level – $0.1700
Major Resistance Level – $0.1800