Cardano Price Analysis: ADA/USD Could Surpass $0.1280 To Gain Momentum

Key Highlights

  • ADA price is slowly recovering and is currently trading above the $ 0.1180 level against the US Dollar (tethered).
  • There is a major breakout pattern forming with resistance near $ 0.1260 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair has to move past the $ 0.1260 and $ 0.1280 resistance levels to gain upside momentum.

Cardano price could correct higher against the US Dollar and Bitcoin. ADA/USD must clear $ 0.1280 to move into a bullish zone in the short term.

Cardano Price Analysis

After a major drop below $ 0.1200, cardano price found a strong support against the US Dollar.  The ADA/USD pair traded as low as $ 0.1100 and later started an upside correction. It moved above the $ 0.1140 and $ 0.1180 resistance levels. More importantly, there was a break above the $ 0.1200 resistance zone. However, the upside move was capped by the $ 0.1270 level and the 100 hourly simple moving average.

The price moved down and broke the 38.2% Fib retracement level of the last wave from the $ 0.1100 low to $ 0.1267 high. On the downside, there is a decent support near $ 0.1184. It coincides with the 50% Fib retracement level of the last wave from the $ 0.1100 low to $ 0.1267 high. Moreover, there is a major breakout pattern forming with support at $ 0.1190 on the hourly chart of the ADA/USD pair. Therefore, as long as the price is above $ 0.1180 and $ 0.1184, it remains supported for more gains. On the upside, a break above the triangle resistance, 100 hourly SMA, and the $ 0.1280 resistance zone is needed for further acceleration.

Cardano Price Analysis ADA USD

The chart indicates that ADA price recovered nicely after testing $ 0.1100. However, if it struggles to move past $ 0.1260 and $ 0.1280, it could drop once again back towards $ 0.1200 and $ 0.1100.

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

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

Major Support Level – $ 0.1180

Major Resistance Level – $ 0.1280

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Analysis – NewsBTC

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