THELOGICALINDIAN - Key Highlights
Cardano amount confused afresh adjoin the US Dollar and Bitcoin. ADA/USD is currently recovering, but upsides are capped abreast $0.0640 and $0.0675.
In the aftermost analysis, we discussed the affairs of added losses beneath $0.0720 in cardano amount adjoin the US Dollar. There was a aciculate abatement in bitcoin and Ethereum recently, which pushed the ADA/USD brace beneath $0.0700. The amount confused and bankrupt abounding supports like $0.0650 and $0.0620. There was alike a breach beneath $0.0600 and the amount acclimatized beneath the 100 alternate simple affective average.
The amount traded as low as $0.0580 and after started an upside correction. It confused aloft the $0.0600 akin and the $0.0620 axis level. There was additionally a breach aloft the 23.6% Fibonacci retracement akin of the contempo abatement from the $0.0774 aerial to $0.0580 low. However, the upside move was capped by the $0.0650 resistance. Moreover, there is a key bearish trend band formed with attrition at $0.0640 on the alternate blueprint of the ADA/USD pair. Aloft the trend band and $0.0650, the abutting above attrition is abreast $0.0675. It represents the 50% Fibonacci retracement akin of the contempo abatement from the $0.0774 aerial to $0.0580 low.
The chart indicates that ADA amount recovered accurately from the $0.0580 low. However, the amount is currently adverse a lot of hurdles abreast $0.0640 and $0.0650. If buyers abort to advance the amount aloft $0.0650 or $0.0675, there could be a beginning abatement beneath $0.0620 and $0.0600.
Hourly MACD – The MACD for ADA/USD is about to move aback in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently aloof beneath the 50 level.
Major Support Level – $0.0620
Major Resistance Level – $0.0650
