THELOGICALINDIAN - Key Highlights
Cardano amount faced a solid affairs absorption afresh adjoin the US Dollar and Bitcoin. ADA/USD is acclimation higher, but it could face abounding hurdles abreast $0.092.
Cardano Price Analysis
Recently, cardano amount failed to breach the $0.1080 resistance adjoin the US Dollar. As a result, the ADA/USD brace beneath acutely and bankrupt the $0.1000 support. There was additionally a breach and abutting beneath the $0.0920 abutment and the 100 alternate simple affective average. The amount traded abutting to the $0.0800 akin and formed a new account low at $0.0808.
Later, the amount started an upside alteration and confused aloft the $0.0840 level. It additionally traded aloft the 23.6% Fibonacci retracement akin of the contempo accelerate from the $0.1073 aerial to $0.0808 low. At the moment, there is an ascendance approach in abode with attrition at $0.0915 on the alternate blueprint of the ADA/USD pair. The brace could abide to move higher, but it may face sellers abreast $0.0918 attrition (the antecedent support). Aloft this, the next resistance is the 50% Fibonacci retracement akin of the contempo accelerate from the $0.1073 aerial to $0.0808 low at $0.0941. Therefore, if the amount continues to move higher, it could face sellers abreast $0.0920 or $0.0940.
The chart indicates that ADA amount is acutely aback in a bearish area beneath $0.1000. Once the accepted alteration is complete, it may able-bodied accelerate aback appear the $0.0800 akin in the abreast term.
Hourly MACD – The MACD for ADA/USD is placed hardly in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently aloft the 50 level.
Major Support Level – $0.0840
Major Resistance Level – $0.0940
