Cardano Price Technical Analysis ADA/USD Testing Key Support

Key Highlights


ADA price topped around the $0.3200 level and started a sharp downside correction against the US Dollar (tethered).
There was a break below a major bullish trend line with support at $0.2900 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair is currently trading near a key support at $0.2700, which holds a lot of importance.

Cardano price started a downside correction against the US Dollar and Bitcoin. ADA/USD must stay above $0.2700 to remain in a bullish zone.

Cardano Price Decline

There was a decent upside move above $0.3000 in ADA price against the US Dollar. The price moved above the $0.3200 level and traded as high as $0.3203. Later, sellers appeared and the price started a downside correction below $0.3000. There was a sharp decline, which resulted in a push below the $$0.2900 support and the 100 hourly simple moving average.

More importantly, there was a break below a major bullish trend line with support at $0.2900 on the hourly chart of the ADA/USD pair. The pair settled below $0.3000 and the 100 hourly SMA. However, a major support zone around $0.2700 came into the picture and prevented further declines. A low was formed at $0.2719 before the price got stable. It recovered and tested the 38.2% Fib retracement level of the last decline from the $0.3203 high to $0.2719 low. However, the price is facing a major barrier near the broken support at $0.2900 and the 100 hourly SMA.

The chart suggests that the price is also struggling to move above the broken trend line and $0.2880. Looking at the current price action, there are chances of a short-term consolidation above $0.2700 before the price resumes its uptrend. Resistances on the upside are at $0.2900, $0.3000 and $0.32000.

Hourly MACD The MACD for ADA/USD is now in the bearish zone.

Hourly RSI The RSI for ADA/USD is moving higher from the 30 level.

Major Support Level $0.2700

Major Resistance Level $0.2900

The post Cardano Price Technical Analysis ADA/USD Testing Key Support appeared first on NewsBTC.

25.04.2018 / 01:15 56
Bitcoin Cash Price Technical Analysis  Can BCH/USD Hold This? Bitcoin Cash Price Technical Analysis
Key Points Bitcoin cash price started a downside correction and traded towards $1,350 against the US Dollar. There is a crucial bullish trend line in
Cardano Price Technical Analysis  ADA/USD Accelerating Higher Cardano Price Technical Analysis
Key Highlights ADA price gained upside momentum and settled above $0.2600 against the US Dollar (tethered). There is a rising channel forming with
Cardano Price Technical Analysis  ADA/USD Remains Supported Cardano Price Technical Analysis
Key Highlights ADA price corrected lower from the $0.2745 level, but downsides were limited against the US Dollar (tethered). There is a major
Cardano Price Technical Analysis  ADA/USD Bullish above $0.20 Cardano Price Technical Analysis
Key Highlights ADA price moved in a bullish zone and is currently trading well above $0.2000 against the US Dollar (tethered). There was recently a
Cardano Price Technical Analysis  ADA/USDs Upside Drift Cardano Price Technical Analysis
Key Highlights ADA price started a nice upside move from the $0.1400 level and moved above $0.1500 against the US Dollar (tethered). There is a key
Cardano Price Technical Analysis  ADA/USD Facing Crucial Resistance Cardano Price Technical Analysis
Key Highlights ADA price after a sharp decline below $0.20 found support near $0.1250 against the US Dollar (tethered). There was a break above a key
Comments (0)
Add a comment
Comment on