THELOGICALINDIAN - Key Highlights
Cardano amount is at accident of a downside breach adjoin the US Dollar and Bitcoin. ADA/USD may conceivably breach the $0.2024 akin to admit added declines.
Cardano Price Analysis
After a appropriate upside move, ADA amount faced a strong resistance abreast the $0.2350 akin adjoin the US Dollar. The amount formed a top about $0.2360 and started a downside correction. It beneath and confused beneath the $0.2200 and $0.2100 abutment levels. It about activated the $0.2000 handle a low was formed at $0.2020. Later, the amount recovered, but upsides were capped by the $0.2200 resistance.
Moreover, the 100 alternate simple affective boilerplate additionally prevented upsides aloft $0.2200. A beginning downside beachcomber was accomplished and the amount beneath beneath the $0.2100 level. There was additionally a breach beneath the 76.4% Fib retracement akin of the aftermost beachcomber from the $0.2030 low to $0.2220 high. If the amount continues to move down, it could breach the $0.2020 low and the $0.2000 support. The next abutment sits about the 1.236 Fib addendum akin of the aftermost beachcomber from the $0.2030 low to $0.2220 aerial at $0.1987. Beneath this, the amount may conceivably barter appear the $0.1800 level.
The chart indicates that there is a aloft bearish trend band formed with accepted attrition at $0.2100 on the alternate timeframe of the ADA/USD pair. A breach and abutting aloft the trend band and $0.2110 is bare to abstain added declines in the abreast term.
Hourly MACD – The MACD for ADA/USD has confused aback in a bearish zone.
Hourly RSI – The RSI for ADA/USD is now able-bodied beneath the 50 level.
Major Support Level – $0.2024
Major Resistance Level – $0.2100
