THELOGICALINDIAN - Key Highlights
Cardano amount is beneath bearish burden adjoin the US Dollar and Bitcoin. ADA/USD could breach the $0.3600 abutment and abatement added in the abreast term.
Cardano Price Downtrend
There was a slight upside move in ADA amount aloft $0.4000 this accomplished anniversary adjoin the US Dollar. The amount traded as aerial as $0.4185 and it after started a downside move. It beneath and bankrupt the $0.4000 support. It additionally traded beneath $0.3800 and the 14 alternate simple affective average, which is a abrogating sign. Moreover, there was a breach beneath a above bullish trend band with abutment at $0.3850 on the alternate blueprint of the ADA/USD pair.
The brace traded appear the $0.3600 abutment and formed a low at $0.3601. It adapted college and confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $0.4185 aerial to $0.3601. However, the brace is award it difficult to move aloft the $0.3800 resistance. Moreover, the 38.2% Fib retracement akin of the aftermost abatement from the $0.4185 aerial to $0.3601 at $0.3824 is additionally a above resistance. There is additionally a abutting bearish trend line basic with attrition at $0.3800.
Therefore, there is acutely a aloft attrition basic abreast $0.3800. ADA amount has to move aloft $0.3800 to retest $0.4000. On the downside, the $0.3600 abutment holds a lot of importance, which charge authority to abstain added declines.
Hourly MACD – The MACD for ADA/USD is hardly placed in the bullish zone.
Hourly RSI – The RSI for ADA/USD is affective college appear the 50 level.
Major Support Level – $0.3600
Major Resistance Level – $0.3800
Charts address – Cryptowat, Bittrex
