THELOGICALINDIAN - Key Highlights
Cardano amount is hardly in the bullish area adjoin the US Dollar and Bitcoin. ADA/USD charge breach the $0.2200 attrition and 100 alternate SMA to advance gains.
Cardano Price Analysis
After a drop appear the $0.2000 level, ADA amount begin abutment adjoin the US Dollar. The amount traded as low as $0.2020 and formed a abutment abject for an upside move. It started trading college and bankrupt the $0.2100 resistance. It additionally confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $0.2365 aerial to $0.2024 low with a absolute amount action.
During the upside, there was a breach aloft a aloft bearish trend band with attrition at $0.2160 on the alternate blueprint of the ADA/USD pair. However, the brace struggled to breach an important attrition abreast $0.2200. It represents the 50% Fib retracement akin of the aftermost abatement from the $0.2365 aerial to $0.2024 low. More importantly, the 100 alternate simple affective boilerplate is positioned abreast the $0.2200 resistance. Therefore, a breach aloft $0.2200 is charge for more gains in the abreast term.
The chart indicates that the amount is retesting the burst trend band at $0.2140. It charcoal placed in a bullish area aloft $0.2100, but it has to move accomplished $0.2200. If it continues to abort abreast the $0.2200 akin and the 100 alternate SMA, there is a accident of a downside reaction.
Hourly MACD – The MACD for ADA/USD is about to move aback in the bearish zone.
Hourly RSI – The RSI for ADA/USD is still aloft the 50 level.
Major Support Level – $0.2100
Major Resistance Level – $0.2200
