THELOGICALINDIAN - Key Highlights
Cardano amount is boring convalescent adjoin the US Dollar and Bitcoin. ADA/USD charge breach the $0.1340 attrition to balance added in the abreast term.
Cardano Price Analysis
After a breach beneath the $0.1340 support, cardano amount declined further adjoin the US Dollar. The ADA/USD brace bankrupt the $0.1250 abutment and traded abutting to the $0.1220 level. A low was formed at $0.1220 afore the amount started an upside correction. It acquired drive and confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $0.1449 aerial to $0.1220 low.
However, there are abounding barriers cat-and-mouse on the upside abreast $0.1340 to anticipate gains. An antecedent attrition is abreast the $0.1320 level. Aloft this, the most important resistance is abreast $0.1340 and the 100 alternate simple affective average. There is additionally a acute bearish trend band formed with attrition at $0.1340 on the alternate blueprint of the ADA/USD pair. More importantly, the 50% Fib retracement akin of the aftermost bead from the $0.1449 aerial to $0.1220 low is positioned abreast the $0.1335 to stop the accepted upside move. Therefore, it seems like a breach aloft the $0.1340 akin won’t be easy.
The chart indicates that the amount may abide to move college appear $0.1340. However, a breach aloft $0.1340 depends on how bitcoin and Ethereum barter in the abreast term. On the downside, supports are apparent abreast the $0.1240 and $0.1220 levels.
Hourly MACD – The MACD for ADA/USD is now placed accurately in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently affective college and is placed able-bodied aloft the 50 level.
Major Support Level – $0.1240
Major Resistance Level – $0.1340
