Cardano Price Technical Analysis – Can ADA/USD Break This?
- ADA price recovered from the $0.1850 swing low against the US Dollar (tethered), but faced sellers near $0.2230.
- There was a break above a major bearish trend line with resistance at $0.2050 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair has to break the $0.2250 and $0.2300 resistance levels to continue moving higher.
Cardano price is slowly recovering against the US Dollar and Bitcoin. ADA/USD is facing a major resistance below $0.2300 and is struggling to break the same.
Cardano Price Resistance
There was a decent upside move in ADA price after it found support near $0.1850 against the US Dollar. The price recovered and moved above the $0.2000 resistance level. The upside move was positive since there was a close above the $0.2000 level and the 100 hourly simple moving average. It traded above the $0.2200 level, but it faced a strong resistance near $0.2250.
During the upside move, there was a break above a major bearish trend line with resistance at $0.2050 on the hourly chart of the ADA/USD pair. It is a positive sign, but the price has to break the $0.2250 and $0.2300 resistance levels. At the moment, the price is consolidating and is trading below $0.2220. An initial support is near the 23.6% Fib retracement level of the latest wave from the $0.1895 low to $0.2230 high. However, there is a major support forming near $0.2100 and the 100 hourly SMA. It also coincides with the 38.2% Fib retracement level of the latest wave from the $0.1895 low to $0.2230 high.
Therefore, the $0.2100 is a decent support. On the upside, a break above the $0.2300 level is must for the price to continue moving higher.
Hourly MACD – The MACD for ADA/USD is back in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently well above the 50 level with positive signs.
Major Support Level – $0.2100
Major Resistance Level – $0.2300
Charts courtesy – Trading View
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