THELOGICALINDIAN - Key Highlights
Cardano amount continued its abatement adjoin the US Dollar and Bitcoin. ADA/USD is now in a bearish area and it may abide to abatement appear $0.3000.
Cardano Price Resistance
In the last analysis, we discussed the affairs of added declines beneath $0.3600 in ADA amount adjoin the US Dollar. The amount bootless to move aloft the $0.4000 attrition and started a downside move. It beneath acutely and bankrupt the $0.3600 and $0.3500 abutment levels. There was a lot of burden on ADA, which pushed its amount beneath the $0.3400 akin as well.
A low was formed abreast $0.3300 from area the amount is currently attempting an upside correction. It activated the 23.6 Fib retracement akin of the aftermost abatement from the $0.3872 aerial to $0.3300 low. However, a accretion in ADA won’t be accessible as the amount is now able-bodied beneath $0.3500. On the upside, there is a key bearish trend band basic with attrition at $0.3650 on the alternate blueprint of the ADA/USD. The trend band attrition is very important back it is abreast the 50% Fib retracement akin of the aftermost abatement from the $0.3872 aerial to $0.3300 low. As continued as the amount is beneath the $0.3500 and $0.3600 levels, it charcoal at a accident of added declines.
On the downside, the contempo low of $0.3300 is a appropriate support. A breach and abutting beneath $0.3300 could advance the amount appear the $0.3000 level.
Hourly MACD – The MACD for ADA/USD is assuming a low of bearish signs.
Hourly RSI – The RSI for ADA/USD is now abreast the oversold levels.
Major Support Level – $0.3300
Major Resistance Level – $0.3600
Charts address – Cryptowat, Bittrex
