THELOGICALINDIAN - Key Highlights
Cardano amount is positioned in the bullish area adjoin the US Dollar and Bitcoin. ADA/USD could move aloft the $0.0750 attrition to analysis $0.0800.
Cardano Price Analysis
After forming a base about the $0.0620, cardano amount started an advancement move adjoin the US Dollar. The ADA/USD brace climbed college and bankrupt the $0.0650 and $0.0700 attrition levels. The amount traded as aerial as $0.0744 afore acclimation lower. It beneath beneath the 50% Fibonacci retracement akin of the aftermost beachcomber from the $0.0620 low to $0.0744 high.
However, the abatement was independent by the $0.0660 abutment area. More importantly, the 61.8% Fibonacci retracement akin of the aftermost beachcomber from the $0.0620 low to $0.0744 aerial acted as a support. Additionally, there is a key bullish trend band in abode with abutment at $0.0700 on the alternate blueprint of the ADA/USD pair. The brace may dip a few points in the abbreviate appellation arise the $0.0700 level. However, downsides are acceptable to be bound and buyers ability arise abreast $0.0700 and $0.0680. On the upside, the amount will best acceptable breach the $0.0750 akin to barter added higher. The abutting barrier for buyers is abreast the $0.0800, which is additionally a axis level.
The chart indicates that ADA amount is trading in the absolute area aloft $0.0700. Once there is a breach aloft the $0.0750 resistance, it could accessible the doors for the abutting beachcomber up in the abreast term.
Hourly MACD – The MACD for ADA/USD is boring affective in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently aloft the 50 level.
Major Support Level – $0.0700
Major Resistance Level – $0.0750
