THELOGICALINDIAN - Key Highlights
Cardano amount is beneath burden adjoin the US Dollar and Bitcoin. ADA/USD is acceptable to accelerate added appear the $0.0720 and $0.0700 abutment levels.
During the accomplished few days, cardano amount fabricated many attempts to rally aloft the $0.0800 attrition adjoin the US Dollar. The ADA/USD brace struggled to bright $0.0800 and it afresh declined. The amount formed a appropriate abutment abreast the $0.0740 akin and after recovered. However, the $0.0770 akin acted as a able attrition and pushed the amount bottomward again.
At the moment, the amount is trading abreast the $0.0740 abutment with a bearish angle. An antecedent attrition is the 23.6% Fibonacci retracement akin of the contempo abatement from the $0.0770 aerial to $0.0742 low. More importantly, there is a acute bearish trend band in abode with attrition at $0.0755 on the alternate blueprint of the ADA/USD pair. The aforementioned trend band is abreast the 50% Fibonacci retracement akin of the contempo abatement from the $0.0770 aerial to $0.0742 low. Aloft the trend line, the 100 alternate simple affective average is positioned at $0.0760. Therefore, a able breach aloft the $0.0755 and $0.0760 attrition levels is bare for an advancement move.
The chart indicates that ADA amount is currently at a accident of a downside breach beneath the $0.0740 support. If sellers succeed, the amount may conceivably accelerate appear the $0.0720 or $0.0700 abutment in the abreast term.
Hourly MACD – The MACD for ADA/USD is placed heavily in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently able-bodied beneath the 50 level.
Major Support Level – $0.0740
Major Resistance Level – $0.0760
