THELOGICALINDIAN - Key Highlights
Cardano amount continued declines adjoin the US Dollar and Bitcoin. ADA/USD is now able-bodied beneath $0.1240 and it may able-bodied advance losses appear $0.1000.
Cardano Price Analysis
There was a minor recovery aloft $0.1300 afresh in cardano amount adjoin the US Dollar. The ADA/USD brace traded aloft the $0.3200 level, but it bootless to bright the $0.1350 resistance. As a result, there was a aciculate downside move and the amount bankrupt the $0.1300 support. More importantly, there was a breach beneath the $0.1240 abutment and the amount acclimatized beneath the 100 alternate simple affective average.
During the slide, there was additionally a breach beneath a aloft bullish trend band with abutment at $0.1288 on the alternate blueprint of the ADA/USD pair. The brace alike bankrupt the $0.1200 abutment and formed a new account low at $0.1154. At the moment, the amount is acclimation college appear $0.1200. It is testing the 23.6% Fib retracement akin of the aftermost abatement from the 0.1328 aerial to $0.1154 low. It may conceivably move aloft the $0.1200 level, but it could face selling interest abreast the $0.1220 and $0.1240 levels. Only a abutting aloft $0.12400 may possibly advance the amount aback in a absolute zone.
The chart indicates that ADA amount is positioned for added losses beneath the $0.1150 level. The abutting important abutment on the downside is at $0.1000, which could be a solid buy zone.
Hourly MACD – The MACD for ADA/USD is currently placed in the bearish zone.
Hourly RSI – The RSI for ADA/USD is convalescent from the oversold levels.
Major Support Level – $0.1150
Major Resistance Level – $0.1240
