Key Highlights
- ADA price held the $0.3200 support level and recovered nicely against the US Dollar (tethered).
- There is a crucial bullish trend line forming with support at $0.3350 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is on the move and it could extend gains above the $0.3600 resistance in the near term.
Cardano price gained made good gains against the US Dollar and Bitcoin. ADA/USD is now preparing for an upside break above the $0.3600 resistance level.
Cardano Price Resistance
After a decent downside correction, ADA price found support near $0.3200 against the US Dollar. The mentioned $0.3200 acted as a strong barrier for sellers and protected further declines. Moreover, the 61.8% Fib retracement level of the last leg from the $0.2810 swing low to $0.3880 swing high also acted as a support. The price formed a support base at $0.3200 and started an upside move.
It traded above 23.6% Fib retracement level of the last decline from the $0.3881 high to $0.3195 low. More importantly, it broke the $0.3400 resistance and the 100 hourly simple moving average. At the moment, the price is placed nicely in a bullish zone above $0.3400 and it could extend gains. A break above the $0.3600 resistance is needed for a push back towards the $0.3800 level. On the downside, there is a crucial bullish trend line forming with support at $0.3350 on the hourly chart of the ADA/USD pair.
The chart indicates that the pair remains supported on the downside near $0.3350. Below the mentioned $0.3350 level, the next major support and a pivot level is at $0.3200. As long as the price is above the $0.3200 support, it could continue to move higher in the bullish zone towards $0.3800.
Hourly MACD – The MACD for ADA/USD is currently flat in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently positioned above the 50 level.
Major Support Level – $0.3350
Major Resistance Level – $0.3600
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