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.
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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.
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.