Key Highlights
ADA price is trading with a bullish angle above the $0.0800 support against the US Dollar (tethered).There was a break above a major bearish trend line with resistance at $0.0820 on the hourly chart of the ADA/USD pair (data feed via Bittrex).The pair is likely to continue higher towards the $0.0880 and $0.0900 levels in the near term.Cardano price is slowly moving higher against the US Dollar and Bitcoin. ADA/USD could continue to trade higher and dips remain supported near $0.0820.
Cardano Price Analysis
There was a decent base formed near the $0.0790 level in cardano price against the US Dollar. The ADA/USD pair started an upside move and traded above the $0.0820 and $0.0830 resistance levels. The upside move was positive as the price settled above $0.0820 and the 100 hourly simple moving average. The current price action is positive above the $0.0800 pivot level.
During the climb, there was a break above a major bearish trend line with resistance at $0.0820 on the hourly chart of the ADA/USD pair. The pair traded as high as $0.0855 and it is currently consolidating gains. An initial support is near the 23.6% Fibonacci retracement level of the recent wave from the $0.0802 low to $0.0855 high. Below $0.0844, the price is likely to test the $0.0830 support. It coincides with the 50% Fibonacci retracement level of the recent wave from the $0.0802 low to $0.0855 high. There is also a connecting bullish trend line with support at $0.0815 on the same chart.
The chart indicates that ADA price is trading with a positive bias above the $0.0815 level. On the upside, a break above the $0.0855 high could trigger more gains. The next key hurdles for buyers are near $0.0880 and $0.0900.
Hourly MACD – The MACD for ADA/USD is currently reducing its bullish slope
Hourly RSI – The RSI for ADA/USD is positioned well above the 50 and 55 levels.
Major Support Level – $0.0815
Major Resistance Level – $0.0855
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