Cardano Price Analysis: ADA/USD Approaching Key Support
- ADA price surged towards the $0.2000 level before starting a downside correction against the US Dollar (tethered).
- There is a significant bullish trend line formed with support at $0.1700 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is correcting lower, but it remains well supported above the $0.1700 level.
Cardano price is placed nicely in a bullish zone against the US Dollar, Ethereum and Bitcoin. ADA/USD remains buy on dips near $0.1700.
Cardano Price Analysis
There were further gains in cardano price above the $0.1800 level against the US Dollar. The ADA/USD pair surged above the $0.1900 level and traded close to the $0.2000 level. A high was formed at $0.1970 before the price started a downside correction. It declined below the $0.1900 support and also broke the 23.6% Fib retracement level of the last wave from the $0.1500 low to $0.1970 high.
However, the price is currently approaching a major support near $0.1700. There is also a significant bullish trend line formed with support at $0.1700 on the hourly chart of the ADA/USD pair. Above the trend line, the 50% Fib retracement level of the last wave from the $0.1500 low to $0.1970 high is at $0.1735. Around the trend line, the 100 hourly simple moving average is positioned at $0.1680. Therefore, if the price corrects lower from the current levels, it is likely to find a strong support near $0.1700 and the 100 hourly SMA.
The chart indicates that the price remains in an uptrend with support at $0.1730, $0.1700 and $.1680. Below these, the price could revisit $0.1500. On the upside, the price has to move above the $0.1850 and $0.1900 resistances to resume its upside move. The most important resistance is near $0.2000.
Hourly MACD – The MACD for ADA/USD is about to move back in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently below the 50 level and is heading south.
Major Support Level – $0.1700
Major Resistance Level – $0.1850
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