Cardano price started a downside correction after testing the $0.0650 resistance. However, ADA buyers remain in control and dips are likely to find a strong buying interest.

  • Cardano price is facing a couple of important resistances near $0.0625.
  • There is a major bullish trend line in place with support at $0.0590 on the 2-hours chart.
  • ADA is likely to remain supported near the $0.0590 and $0.0575 levels.

Cardano ADA Price

Cardano Price Analysis (ADA to USD)

This past week, there was a strong upward move in cardano price above the $0.0550 resistance level against the US Dollar. ADA price climbed above the $0.0600 and $0.0650 resistance levels.

Cardano Price Analysis ADA Chart

Click to Enlarge Chart

Looking at the 2-hours chart of ADA/USD, the pair traded as high as $0.0656 and later started a downside correction. The price declined below the $0.0620 and $0.0600 support levels. There was a close below the $0.0620 level and the 25 simple moving average (2-hours).

However, the $0.0575 level (the previous swing low) acted as a strong support zone. As a result, the price rebounded recently above the $0.0600 level and the 50% Fib retracement level of the last slide from the $0.0656 high to $0.0572 low.

However, the price faced a solid barrier near the $0.0625 level. Besides, the 61.8% Fib retracement level of the last slide from the $0.0656 high to $0.0572 low acted as a resistance. There were two rejections recently near the $0.0625 level and the price is currently consolidating near $0.0600.

At the outset, bitcoin, Ethereum and ripple faced an increase in selling pressure, which is putting pressure on ADA buyers below the $0.0610 level. However, there is a major bullish trend line in place with support at $0.0590 on the same chart.

If there is a break below the trend line support, the price might revisit the $0.0575 support area. The next main support is near the $0.0556 level. On the upside, a break above the $0.0625 resistance level may clear the path for more gains in cardano. The next key barrier for ADA buyers is near the $0.0650 level.

The market data is provided by TradingView, Binance.


Buy Crypto    Trade Crypto
eToro Risk Warning: 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

One Comment

  1. Avatar

    Oh Dr Latika,big pump coming

    Reply

Leave a reply

Your email address will not be published. Required fields are marked *