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 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.
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.