- ADA price is gaining momentum and is currently trading above the $0.1600 level against the US Dollar (tethered).
- There is a key connecting bullish trend line forming with support at $0.1650 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair may continue to rise and it could even test the $0.2000 resistance in the near term.
Cardano price is placed nicely in a positive zone against the US Dollar and Bitcoin. ADA/USD is likely to extend gains above $0.1750 and towards $0.2000.
Cardano Price Support
There was a good upside move started from well below $0.1500 in ADA price against the US Dollar. The price gained momentum and it was successful in breaking a few important resistances such as $0.1600. It even traded above the $0.1650 resistance and settled above the 100 hourly simple moving average. It traded as high as $0.1763 before starting a downside correction.
There was a downside reaction, but the broken resistance at $0.1600 acted as a support. As a result, the price started a fresh upside wave and traded above the 50% Fib retracement level of the last decline from the $0.1763 high to $0.1600 low. However, the current upside move is facing sellers near the $0.1700 level. Moreover, the 61.8% Fib retracement level of the last decline from the $0.1763 high to $0.1600 low is act as a hurdle. On the downside, the price remains supported above the $0.1600 level.
There is also a key connecting bullish trend line forming with support at $0.1650 on the hourly chart of the ADA/USD pair. AS long as the price is above the $0.1600 support level, it may continue to rise towards $0.1750. Above $0.1750, the price may even test the $0.2000 level.
Hourly MACD – The MACD for ADA/USD is slightly in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently just above the 50 level.
Major Support Level – $0.1600
Major Resistance Level – $0.1750
Charts courtesy – Trading View
Source: Read Full Article