Key Highlights
ADA price is moving in a positive zone above the $0.0850 level against the US Dollar (tethered).There is a major bullish trend line in place with support at $0.0870 on the hourly chart of the ADA/USD pair (data feed via Bittrex).The pair is likely to move towards $0.1000 and $0.1050 as long as it is above $0.0800.Cardano price is gaining momentum against the US Dollar and Bitcoin. ADA/USD may perhaps continue to slowly rise towards the $0.1000 resistance.
Cardano Price Analysis
There was a decent support base formed near the $0.6000 level in cardano price against the US Dollar. The ADA/USD pair did move higher and tested the $0.0750 and $0.0850 levels during the rise. It even traded close to the $0.0950 level and settled above the 100 hourly simple moving average. A high was formed at $0.0940 before there was a downside correction. The price tested the 50% Fibonacci retracement level of the last wave from the $0.0792 low to $0.0940 high.
However, losses were protected by the $0.0850 support area. Moreover, there is a major bullish trend line in place with support at $0.0870 on the hourly chart of the ADA/USD pair. As long as the pair is above the trend line, it could continue to move higher towards the $0.1000 and $0.1050. On the other hand, if there is a downside break, the price could test the $0.0830 support. It represents the 100 hourly SMA and the 76.4% Fibonacci retracement level of the last wave from the $0.0792 low to $0.0940 high.
The chart indicates that ADA price is trading with a bullish angle above the $0.0850 level. On the upside, a break above $0.0940 may call for a ride towards the $0.1000 and $0.1050 levels in the near term.
Hourly MACD – The MACD for ADA/USD is slightly placed in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently just near the 50 level.
Major Support Level – $0.0850
Major Resistance Level – $0.0940
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