THELOGICALINDIAN - Key Highlights
Cardano amount is trading with bearish moves adjoin the US Dollar and Bitcoin. ADA/USD may abide to move bottomward appear the $0.0700 and $0.0650 levels.
Cardano Price Analysis
This accomplished week, we saw a bearish reaction beneath the $0.0900 and $0.0800 levels in cardano amount adjoin the US Dollar. The ADA/USD brace traded appear the $0.0720 akin and formed a low at $0.0735. Recently, it started a accessory upside alteration and traded aloft the $0.0800 level. There was additionally a breach aloft the 23.6% Fibonacci retracement akin of the aftermost abatement from the $0.0898 aerial to $0.0735 low.
However, the upside move was capped by the $0.0810 level. It seems like the amount bootless to bright the 50% Fibonacci retracement akin of the aftermost abatement from the $0.0898 aerial to $0.0735 low. Moreover, there is a key bearish trend band formed with attrition at $0.0780 on the alternate blueprint of the ADA/USD pair. Should the amount breach the trend line, it could face a able attrition abreast the $0.0815 akin and the 100 hourly simple affective average. A acknowledged abutting aloft $0.0815 attrition and the 100 alternate may able-bodied the doors for a accretion to $0.0900.
The chart indicates that ADA amount is in a crumbling approach beneath the $0.0815 level. If sellers abide in control, the amount is acceptable to breach the $0.0735 low and the $0.0720 support. The abutting key abutment beneath $0.0720 is abreast the $0.0650.
Hourly MACD – The MACD for ADA/USD is mostly in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently able-bodied beneath the 50 level.
Major Support Level – $0.0735
Major Resistance Level – $0.0815
