Cardano Price Technical Analysis – ADA/USD Support Turned Resistance

THELOGICALINDIAN - Key Highlights

Cardano amount is aback in a bearish area adjoin the US Dollar and Bitcoin. ADA/USD could move college a few points, but buyers may abort to bore the $0.3200 barrier.

Cardano Price Resistance

There was a minor recovery in ADA amount from the $0.3200 abutment adjoin the US Dollar. The amount traded aloft the $0.3400 level, but it bootless to accretion upside drive aloft the 100 alternate simple affective average. A aerial was formed at $0.3451 from breadth a beginning downside beachcomber was initiated. Sellers acquired ascendancy and pushed the amount beneath the $0.3200 abutment area.

The abatement was abundant as the amount alike austere the $0.3000 support. It traded as low as $0.2965 and is currently accumulation losses. An antecedent attrition on the upside is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $0.3452 aerial to $0.2965 low. Moreover, there is a cogent bearish trend band in abode with attrition at $0.3200 on the alternate blueprint of the ADA/USD pair. The brace may correct higher, but it won’t be accessible for buyers to bright the $0.3200 resistance. It additionally represents the 50% Fib retracement akin of the aftermost abatement from the $0.3452 aerial to $0.2965 low.

Cardano Price Technical Analysis ADA USD

The chart indicates that the amount is in a bearish area beneath $0.3200. Therefore, a abutting aloft $0.3200 and $0.3250 is bare for a change in the trend from bearish to bullish.

Hourly MACD – The MACD for ADA/USD is accepting clip in the bearish zone.

Hourly RSI – The RSI for ADA/USD is abreast the oversold zone.

Major Support Level – $0.2900

Major Resistance Level – $0.3200