Cardano price started a downside correction from the $0.1015 resistance. ADA tested the $0.0820 support and now it seems to be preparing for a larger rally above $0.1000.

  • Cardano price traded to a new 2019 high at $0.1016 before correcting lower.
  • The $0.0820 level acted as a support and recently there was a break above a key bearish trend line at $0.0880 on the 2-hours chart.
  • ADA is likely to accelerate higher once it clears the $0.0940 and $0.0950 resistance levels.

Cardano ADA Price

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Cardano Price Analysis (ADA to USD)

This past week, there was a strong rally in cardano price above the $0.0850 resistance level against the US dollar. ADA climbed above the $0.0940 resistance area and traded to a new 2019 high at $0.1016 before starting a downside correction.

Cardano Price Analysis ADA Price Chart

Click to Enlarge Chart

Looking at the 2-hours chart of ADA/USD, the pair declined below the $0.0940 and $0.0920 support levels. There was even a close below the $0.0940 pivot level and the 25 simple moving average (2-hours).

Besides, the price traded below the $0.0855 support and the 50% Fib retracement level of the last rally from the $0.0690 low to $0.1016 high. However, the $0.0820-0.0825 area acted as a strong support and prevented further downsides.


It seems like the price tested the 61.8% Fib retracement level of the last rally from the $0.0690 low to $0.1016 high and completed a short term downside correction. There were a couple of attempts to clear the $0.0820 support, but bears failed to gain control.

The price is currently moving higher and it recently broke a key bearish trend line at $0.0880 on the same chart. It is now trading nicely above $0.0850 and the 25 simple moving average (2-hours).

Therefore, there are chances of more gains in cardano if bulls take out the key $0.0940 resistance area. The next major hurdle for bulls is near $0.1000, above which the price is likely to climb above the $0.1016 high.

Overall, cardano price is placed nicely in an uptrend above the $0.0820 support and it seems like ADA could continue to rise towards $0.0940, $0.1000 or even $0.1045.

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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