Cardano Price Technical Analysis – ADA/USD in Slow Uptrend

Key Highlights

  • ADA price is slowly moving higher from the $0.5157 low against the US Dollar (tethered).
  • There is a major bullish trend line forming with support at $0.6200 on the hourly chart of ADA/USD (data feed via Bittrex).
  • The pair may continue to move higher and it could trade above the $0.6500 level in the near term.

Cardano price is in a slow uptrend against the US Dollar and Bitcoin. ADA/USD is likely to extend gains above the $0.65 and $0.68 levels in the near term.

Cardano Price Trend

A short-term bottom was formed above $0.5000 in ADA price against the US Dollar. The price started an upside move from the $0.5157 swing low and traded above the $0.6000 level. The upside move was positive above $0.6000 since the price was able to close above the 100 hourly simple moving average. It traded as high as $0.6859 from where it corrected lower. It moved down below the 23.6% Fib retracement level of the last wave from the $0.5157 low to $0.6859 high.

On the downside, there is a major bullish trend line forming with support at $0.6200 on the hourly chart of ADA/USD. The pair is moving nicely above $0.6000 and it recently tested the 38.2% Fib retracement level of the last wave from the $0.5157 low to $0.6859 high. Any major decline seems to be limited considering the supports at $0.6200 and $0.6000. The $0.6000 is important since it is the 50% Fib retracement level of the last wave from the $0.5157 low to $0.6859 high.

Cardano Price Technical Analysis ADA USD

On the upside, the price may soon move above $0.6500 one more time. Above $0.6500, the price could test the $0.6800 level in the near term.

Hourly MACD – The MACD is slightly placed in the bullish zone with positive signs.

Hourly RSI – The RSI is currently moving lower towards the 50 level.

Major Support Level – $0.6200

Major Resistance Level – $0.6800

 

Charts courtesy – Trading View, Bittrex

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Source link

Spread the love

Related posts

Leave a Comment