Cardano Price Analysis: ADA/USD at Potentially Major Turning Point

Key Highlights

  • ADA price is struggling to clear a major resistance area near $0.0800 against the US Dollar (tethered).
  • There is a monster long term bearish trend line formed with resistance at $0.0780 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair must break the $0.0780 and $0.0800 resistance levels to move into a bullish zone.

Cardano price is currently consolidating against the US Dollar and Bitcoin. ADA/USD is facing a significant resistance near the $0.0780-0.0800 zone.

Cardano Price Analysis

Recently, cardano price spiked above the $0.0800 resistance area against the US Dollar. However, the ADA/USD pair failed to gain traction above the $0.0800 level. It traded as high as $0.0815 and later started a fresh decline. The price moved down and broke the $0.0780 support and the 100 hourly simple moving average. A low was formed at $0.0750 and later the price started moving higher.

It climbed above the $0.0780 level and the 50% Fibonacci retracement level of the last decline from the $0.0815 high to $0.0752 low. However, the upside move was again capped by the $0.0800 zone. More importantly, there is a monster long term bearish trend line formed with resistance at $0.0780 on the hourly chart of the ADA/USD pair. Therefore, a break above the trend line and the 61.8% Fibonacci retracement level of the last decline from the $0.0815 high to $0.0752 low is must for more gains. Above $0.0800 and the $0.0815 high, the price is likely to climb above the $0.0850 level.

The chart indicates that ADA price is trading near important levels such as $0.0750 and $0.0800. If buyers continue to fail near the $0.0800 level, there are high chances of a downside break below the $0.0750 support. On the upside, above $0.0800, the price may move into a bullish zone.

Hourly MACD – The MACD for ADA/USD is about to move into the positive zone.

Hourly RSI – The RSI for ADA/USD is currently just below the 50 level.

Major Support Level – $0.0750

Major Resistance Level – $0.0800

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