Cardano Price Technical Analysis – ADA/USD Surging Higher
- ADA price traded sharply higher and moved above the $0.3600 resistance level against the US Dollar (tethered).
- There is a short-term connecting bullish trend line forming with support at $0.3180 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is currently correcting lower, but it remains supported around the $0.3400 and $0.3200 levels.
Cardano price gained a lot of traction against the US Dollar and Bitcoin. ADA/USD is now in a bullish zone and remains supported above $0.3200.
Cardano Price Trend
There was a solid support base formed near $0.2600 in ADA price against the US Dollar. The price started a major upside move and broke many resistances such as $0.2800 and $0.3000. It even broke the $0.3200 resistance with a proper close above the 100 hourly simple moving average. The upside move gained momentum and the price accelerated above the $0.3500 level. It traded close to the $0.3900 level and a high was formed at $0.3881.
Later, the price started a downside correction and moved below $0.3750. It also broke the 23.6% Fib retracement level of the last wave from the $0.2815 low to $0.3881 high. However, declines seem to be limited since there are many supports such as $0.3400 and $0.3200. The 50% Fib retracement level of the last wave from the $0.2815 low to $0.3881 high is at $0.3348 to act as a strong support. Moreover, there is a short-term connecting bullish trend line forming with support at $0.3180 on the hourly chart of the ADA/USD pair.
The chart indicates that any dips from the current levels remain supported near $0.3400 and $0.3200. On the upside, an initial resistance is at $0.3600. A break above the $0.3600 level could push the price towards the $0.3900 level in the near term.
Hourly MACD – The MACD for ADA/USD is currently in the bearish zone.
Hourly RSI – The RSI for ADA/USD is moving higher towards the 50 level.
Major Support Level – $0.3200
Major Resistance Level – $0.3600
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