Cardano Price Technical Analysis – ADA/USD is Bullish Again
ADA price started a nice upside move and traded above the $0.2000 level against the US Dollar (tethered).
There is a major ascending channel forming with support at $0.2000 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair may correct a few points, but it remains supported above the $0.2000 and $0.1800 levels.
Cardano price is gaining upside momentum against the US Dollar and Bitcoin. ADA/USD is likely to remains in a bullish zone as long as it is above $0.1800
Cardano Price Trend
After a major decline, ADA price formed a decent support above $0.1500 against the US Dollar. The price started an upside move and traded above the $0.1600 and $0.1800 resistance levels. The upside move was positive as the price even traded above the $0.2000 level. It is now trading well above the $0.1800 level and the 100 hourly simple moving average.
It recently traded as high as $0.2172 and is facing a minor resistance. It may correct a few points with an initial support around the 23.6% Fib retracement level of the last wave from the $0.1751 low to $0.2172 high. There is also a major ascending channel forming with support at $0.2000 on the hourly chart of the ADA/USD pair. The channel support is around the 38.2% Fib retracement level of the last wave from the $0.1751 low to $0.2172 high. Therefore, if the price corrects lower, it could find support near the $0.2000 level.
Below $0.2000, the previous major resistance at $0.1800 will most likely act as a support. On the upside, the $0.2150-70 zone is a short-term hurdle. Above $0.2170, the price may break the $0.2200 level for a run towards the $0.2500 level.
Hourly MACD – The MACD for ADA/USD is now placed well in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently well above the 60 level.
Major Support Level – $0.2000
Major Resistance Level – $0.2200
Charts courtesy – Trading View