Cardano Price Analysis: ADA/USD Remains Supported Above $0.035

Key Highlights

  • ADA price topped near the $ 0.0440 level and later corrected lower against the US Dollar (tethered).
  • There is a major breakout pattern in place with resistance at $ 0.0430 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair could dip in the short term, but it remains supported near $ 0.0395 and $ 0.0378.

Cardano price is holding gains against the US Dollar and Bitcoin. ADA/USD musts stay above $ 0.0370 and $ 0.0350 for a fresh upward move in the near term.

Cardano Price Analysis

There were decent gains this past week in cardano price above the $ 0.0350 support against the US Dollar. The ADA/USD pair traded higher and broke the $ 0.0380 and $ 0.0400 resistance levels. It traded above the $ 0.0420 resistance and tested the $ 0.0450 zone. A high was formed near $ 0.0440 and later the price started a downside correction. It traded below the $ 0.0420 level and the 100 hourly simple moving average.

However, the $ 0.0378 area acted as a solid support. The price bounced back, but upsides were capped near $ 0.0435. A high was formed at $ 0.0433 and the price dipped below $ 0.0420. Sellers pushed the price below the 50% Fibonacci retracement level of the last wave from the $ 0.0378 low to $ 0.0433 high. However, the price is well supported near the $ 0.0400 level. The 61.8% Fibonacci retracement level of the last wave from the $ 0.0378 low to $ 0.0433 high is also acting as a support. Moreover, there is a major breakout pattern in place with resistance at $ 0.0430 on the hourly chart of the ADA/USD pair.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is preparing for the next move either above $ 0.0430 or below $ 0.0400. On the downside, the price remains well supported near $ 0.0395 and $ 0.0378. On the upside, a break above $ 0.0430 could push the price towards $ 0.0450 or $ 0.0500.

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

Hourly RSI – The RSI for ADA/USD is currently just below the 50 level.

Major Support Level – $ 0.0378

Major Resistance Level – $ 0.0440

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