Cardano Price Technical Analysis – ADA/USD Could Extend Gains

Cardano Price Technical Analysis – ADA/USD Could Extend Gains

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

Published at Wed, 02 May 2018 08:00:29 +0000

Analysis