EagleFX

Cardano price is trading nicely above the key $0.0750 support area. ADA is likely to start a strong upward move above $0.0900 against the USD and it might also climb higher vs bitcoin.

  • Cardano price is slowly recovering after forming a decent support near $0.0750.
  • There is a key bullish trend line forming with support near $0.0812 on the 2-hours chart.
  • ADA could start a strong rise once it clears the $0.0880 and $0.0900 resistance levels.

Cardano ADA Price

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Cardano Price Analysis (ADA to USD)

After trading above the $0.1000 level, cardano price started a major downside correction. ADA price tested the $0.0750 support area and recently started a slow and steady rebound above the $0.0800 level.

Cardano Price Analysis ADA Chart

Click to Enlarge Chart

Looking at the 2-hours chart of ADA/USD, the pair traded above the $0.0780 resistance and settled above the $0.0800 level. There was a break above the 25 simple moving average (2-hours) and the $0.0820 pivot level.

Besides, there was a break above the 23.6% Fib retracement level of the last slide from the $0.1015 high to $0.0750 low. However, the price struggled to gain momentum above the $0.0880 level.

The price seems to be facing a strong resistance near the 50% Fib retracement level of the last slide from the $0.1015 high to $0.0750 low. At the moment, the price is moving lower towards the $0.0820 support area.

There is also a key bullish trend line forming with support near $0.0812 on the same chart. Below the trend line, the main support is near the $0.0750 level. If there is a downside break below $0.0750, there are chances of more losses towards the $0.0700 level.

Conversely, a clear break above the $0.0880 resistance could start a strong rise above the $0.0900 and $0.0920 levels in the near term. The next major hurdle is near $0.0950, above which cardano could test the $0.1000 level.

Overall, cardano price is trading with a positive bias and if bitcoin, Ethereum, ripple, bitcoin cash, litecoin, binance coin and EOS gain momentum, there could be a convincing upward move above $0.0900.

The market data is provided by TradingView, Binance.


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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.


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