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Cardano Price Technical Analysis – ADA/USD Could Test $0.25
- ADA price is slowly rising higher and is currently trading above the $0.2100 support against the US Dollar (tethered), but faced sellers near $0.2230.
- There is a key connecting bullish trend line forming with support at $0.2150 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair may continue to rise and it could break the $0.2350 resistance for a test of $0.2500.
Cardano price is trading above key supports against the US Dollar and Bitcoin. ADA/USD could rise in the short term towards the $0.2500 level.
Cardano Price Support
There was a nice support base forming above the $0.1800 level ADA price against the US Dollar. The price traded higher and broke the $0.2000 and $0.2100 resistance levels. It even traded above $0.2300 and formed a high near $0.2324. Later, it corrected lower and moved below the 23.6% Fib retracement level of the last wave from the $0.1893 low to $0.2324 high.
However, the downside move was protected by the $0.2100 support and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $0.1893 low to $0.2324 high acted as a support. At the moment, the price is trading higher back towards $0.2324 high. It seems like it could break the $0.2350 resistance and trade towards $0.2500. Above $0.2500, the price may even trade towards the $0.2800 level.
On the downside, there is a key connecting bullish trend line forming with support at $0.2150 on the hourly chart of the ADA/USD pair. The pair remains well above the $0.2100 level and the 100 hourly SMA. If it fails to remain above the $0.2100 level, there is a risk of a downside push back towards $0.1800.
Hourly MACD – The MACD for ADA/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently well above the 50 level.
Major Support Level – $0.2100
Major Resistance Level – $0.2350
Charts courtesy – Trading View
Author: Aayush Jindal
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