THELOGICALINDIAN - Key Highlights
Cardano amount is hardly bearish adjoin the US Dollar and Bitcoin. ADA/USD may abatement a few points, but it may after animation aback to retest the $0.40 resistance.
Cardano Price Resistance
There was a steady amount action in ADA amount afresh aloft the $0.3500 akin adjoin the US Dollar. The amount alike traded aloft the $0.4000 resistance, but it was not able to accretion upside momentum. A aerial was formed at $0.4044 from area the amount started a downside correction. It confused beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $0.3420 low to $0.4044 high.
More importantly, there was a breach beneath a aloft ascendance approach with abutment at $0.3800 on the alternate blueprint of the ADA/USD pair. The brace is now trading beneath the $0.3900 level. However, the downside move was adequate by the 50% Fib retracement akin of the aftermost beachcomber from the $0.3420 low to $0.4044 high. The brace is currently captivation the $0.3700 abutment and it charge break aloft the mentioned levels. If it fails to break aloft the $0.3700 level, it could alike analysis the 76.4% Fib retracement akin of the last wave from the $0.3420 low to $0.4044 aerial at $0.3553.
On the upside, the amount may abide to attempt abreast $0.4000. A acknowledged breach aloft the $0.4000 akin could burn added assets against $0.5000 in the abreast term.
Hourly MACD – The MACD for ADA/USD is currently in the bearish zone.
Hourly RSI – The RSI for ADA/USD is affective lower and is currently beneath the 50 level.
Major Support Level – $0.3700
Major Resistance Level – $0.4000
Charts address – Cryptowat, Bittrex
