- ADA price started a nice upside move from the $ 0.2020 support area against the US Dollar (tethered).
- There was a break above a major bearish trend line with resistance at $ 0.2160 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is currently struggling to move past the $ 0.2200 barrier and the 100 hourly simple moving average.
Cardano price is slightly in the bullish zone against the US Dollar and Bitcoin. ADA/USD must break the $ 0.2200 resistance and 100 hourly SMA to accelerate gains.
Cardano Price Analysis
After a drop towards the $ 0.2000 level, ADA price found support against the US Dollar. The price traded as low as $ 0.2020 and formed a support base for an upside move. It started trading higher and broke the $ 0.2100 resistance. It also moved above the 23.6% Fib retracement level of the last decline from the $ 0.2365 high to $ 0.2024 low with a positive price action.
During the upside, there was a break above a major bearish trend line with resistance at $ 0.2160 on the hourly chart of the ADA/USD pair. However, the pair struggled to break an important resistance near $ 0.2200. It represents the 50% Fib retracement level of the last decline from the $ 0.2365 high to $ 0.2024 low. More importantly, the 100 hourly simple moving average is positioned near the $ 0.2200 resistance. Therefore, a break above $ 0.2200 is must for more gains in the near term.
The chart indicates that the price is retesting the broken trend line at $ 0.2140. It remains placed in a bullish zone above $ 0.2100, but it has to move past $ 0.2200. If it continues to fail near the $ 0.2200 level and the 100 hourly SMA, there is a risk of a downside reaction.
Hourly MACD – The MACD for ADA/USD is about to move back in the bearish zone.
Hourly RSI – The RSI for ADA/USD is still above the 50 level.
Major Support Level – $ 0.2100
Major Resistance Level – $ 0.2200