Cardano Price Analysis: ADA/USD Showing Bullish Signs Above $0.085
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ADA price found support near $0.0750 and traded higher against the US Dollar (tethered).
There was a break above a key bearish trend line with resistance at $0.0815 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair could continue to move higher towards the $0.0900 and $0.0950 levels in the short term.
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Cardano price is showing positive signs against the US Dollar and Bitcoin. ADA/USD remains supported above $0.0750 and it may climb towards the $0.0950 level.
Cardano Price Analysis
There was a downside correction from the $0.0940 swing high in cardano price against the US Dollar. The ADA/USD pair traded lower and broke the $0.0800 support. It tested the $0.0750 support and later started a fresh upward move. Buyers gained momentum and pushed the price above the $0.0800 level and the 100 hourly simple moving average. Also, the price surpassed the 50% Fibonacci retracement level of the last decline from the $0.0940 high to $0.0746 low.
More importantly, there was a break above a key bearish trend line with resistance at $0.0815 on the hourly chart of the ADA/USD pair. The pair is currently trading above the $0.0850 level with a positive bias. On the upside, an immediate resistance is at $0.0900. It coincides with the 76.4% Fibonacci retracement level of the last decline from the $0.0940 high to $0.0746 low. If the price breaks the $0.0900 resistance, it could rally towards the $0.0940 swing high. The final targets for buyers could be $0.0950 and $0.1000.
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The chart indicates that ADA price is trading with a solid technical structure above $0.0800. If there is a downside correction, the 100 hourly SMA and $0.0800 are likely to hold losses. Below the 100 hourly SMA, the price will most likely retest the $0.0750 support.
Hourly MACD – The MACD for ADA/USD is slightly in the bearish zone.
Hourly RSI – The RSI for ADA/USD is placed above the 50 level.
Major Support Level – $0.0800
Major Resistance Level – $0.0900
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