Cardano Price Technical Analysis – ADA/USD Approaching Key Support

Key Highlights

  • ADA value traded as excessive as $Zero.3883 earlier than beginning a draw back correction towards the US Greenback (tethered).
  • There’s a important bullish pattern line in place with help at $Zero.3550 on the hourly chart of the ADA/USD pair (information feed by way of Bittrex).
  • The pair is approaching the $Zero.3550-Zero.3500 help space, which is prone to stop declines.

Cardano value is correcting decrease towards the US Greenback and Bitcoin. ADA/USD is heading in direction of an important purchase zone above $Zero.3500, which is a powerful help.

Cardano Price Support

There was a good upside transfer in ADA value above the $Zero.3700 degree towards the US Greenback. The worth accelerated positive aspects and traded as excessive as $Zero.3883. Later, a draw back correction was initiated and the worth declined beneath $Zero.3800. It additionally moved beneath the 23.6% Fib retracement degree of the final wave from the $Zero.3196 low to $Zero.3883 excessive. Nevertheless, there are numerous helps on the draw back, beginning with $Zero.3600.

Extra importantly, there’s a important bullish pattern line in place with help at $Zero.3550 on the hourly chart of the ADA/USD pair. The pattern line help and $Zero.3600 is near the 100 hourly easy shifting common. Moreover, the 50% Fib retracement degree of the final wave from the $Zero.3196 low to $Zero.3883 excessive is positioned across the $Zero.3540 degree. Due to this fact, it looks like the present correction could discover a robust shopping for curiosity close to the $Zero.3500-Zero.3550 ranges within the close to time period. A draw back break beneath $Zero.3500 may push the worth again in a bearish zone within the brief time period.

The chart means that the worth is properly supported close to $Zero.3550. There are excessive probabilities of it bouncing again above the $Zero.3700 degree. On the upside, the $Zero.3800 and $Zero.3840 ranges are necessary resistances, adopted by $Zero.4000.

Hourly MACD – The MACD for ADA/USD is barely unfavourable within the bearish zone.

Hourly RSI – The RSI for ADA/USD is at present properly beneath the 50 degree.

Main Support Degree – $Zero.3550

Main Resistance Degree – $Zero.3840

About Tom Greenly

Check Also

Bitmain is Hodling Nearly $600 Million in Bitcoin Cash

When Bitmain introduced final 12 months that it was throwing its weight behind bitcoin money …

Create an Unforgettable Wallet Seed by Building a Memory Palace

Safety A 12 or 24-word restoration seed is the important thing to your cryptocurrency pockets. …