THELOGICALINDIAN - Key Highlights
Cardano amount is adverse an acclivous assignment adjoin the US Dollar and Bitcoin. ADA/USD charcoal at a accident of added losses beneath the $0.1100 akin in the abreast term.
Cardano Price Analysis
After a short-term correction, cardano amount bootless to move aloft the $0.1250 attrition adjoin the US Dollar. The ADA/USD brace topped abreast the $0.1270 akin and started a beginning downside move. It beneath acutely and bankrupt the $0.1100 support. A new account low was formed at $0.1070 and after the amount started trading in a range. It bankrupt the 23.6% Fib retracement akin of the aftermost accelerate from the $0.1267 aerial to $0.1070 low.
However, it seems like the amount struggled to breach the $0.1150 akin and the 100 alternate simple affective average. Moreover, the 38.2% Fib retracement akin of the aftermost accelerate from the $0.1267 aerial to $0.1070 low additionally acted as a resistance. The amount is currently trading in a bound ambit aloft the $0.1100 level. On the upside, there is a crucial bearish trend line formed with attrition abreast $0.1170 on the alternate blueprint of the ADA/USD pair. The brace has to move accomplished the trend line, the 100 alternate SMA, and the $0.1200 attrition to accretion upside momentum.
The chart indicates that ADA amount may attempt to breach $0.1200. If sellers accretion traction, there is a adventitious of added declines beneath the $0.1070 low. In this case, the amount could alike analysis the $0.1000 akin in the abreast term.
Hourly MACD – The MACD for ADA/USD is hardly affective in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently aloof beneath the 50 level.
Major Support Level – $0.1070
Major Resistance Level – $0.1200
