THELOGICALINDIAN - Key Highlights
Cardano amount confused afresh adjoin the US Dollar and Bitcoin. ADA/USD could actual higher, but upsides may be capped by the $0.2300 and $0.2400 levels.
Cardano Price Analysis
There was a acute downside move accomplished from the $0.2600 beat high in ADA amount adjoin the US Dollar. The amount beneath and bankrupt abounding supports such as $0.2500 and $0.2400. Added importantly, there was a breach beneath a cogent abutment at $0.2300, aperture the doors for added losses. It is now trading able-bodied beneath the $0.2300 akin and the 100 alternate simple affective average.
During the decline, there was additionally a breach beneath an important bullish trend band with abutment at $0.2450 on the alternate blueprint of the ADA/USD pair. The brace traded appear $0.2100 and a low was formed at $0.2125. At the moment, the amount is accumulation losses aloft $0.2100. An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $0.2383 aerial to $0.2125 low. Moreover, there is additionally a bearish trend band with attrition at $0.2280 on the aforementioned chart. An intermediate resistance is abreast the 50% Fib retracement akin of the aftermost abatement from the $0.2383 aerial to $0.2125 low.
The chart indicates that if the amount corrects higher, it is acceptable to face sellers abreast $0.2250 and $0.2300. On the downside, a breach beneath the contempo low of $0.2125 may bright the aisle for a analysis of $0.2000.
Hourly MACD – The MACD for ADA/USD is currently in the bearish zone.
Hourly RSI – The RSI for ADA/USD is abreast the oversold levels.
Major Support Level – $0.2125
Major Resistance Level – $0.2300
