Key Highlights
- ADA price traded as high as $0.3883 before starting a downside correction against the US Dollar (tethered).
- There is a significant bullish trend line in place with support at $0.3550 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is approaching the $0.3550-0.3500 support area, which is likely to prevent declines.
Cardano price is correcting lower against the US Dollar and Bitcoin. ADA/USD is heading towards a crucial buy zone above $0.3500, which is a strong support.
Cardano Price Support
There was a decent upside move in ADA price above the $0.3700 level against the US Dollar. The price accelerated gains and traded as high as $0.3883. Later, a downside correction was initiated and the price declined below $0.3800. It also moved below the 23.6% Fib retracement level of the last wave from the $0.3196 low to $0.3883 high. However, there are many supports on the downside, starting with $0.3600.
More importantly, there is a significant bullish trend line in place with support at $0.3550 on the hourly chart of the ADA/USD pair. The trend line support and $0.3600 is close to the 100 hourly simple moving average. Additionally, the 50% Fib retracement level of the last wave from the $0.3196 low to $0.3883 high is positioned around the $0.3540 level. Therefore, it seems like the current correction may find a strong buying interest near the $0.3500-0.3550 levels in the near term. A downside break below $0.3500 could push the price back in a bearish zone in the short term.
The chart suggests that the price is well supported near $0.3550. There are high chances of it bouncing back above the $0.3700 level. On the upside, the $0.3800 and $0.3840 levels are important resistances, followed by $0.4000.
Hourly MACD – The MACD for ADA/USD is slightly negative in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently well below the 50 level.
Major Support Level – $0.3550
Major Resistance Level – $0.3840
Thanks for reading! Let us know what you think. Share your thoughts in the comment section below!
⭐Join our Facebook Community
⭐Sign up to our Free Daily Newsletter
💰Buy Bitcoin on Coinbase (Get Free 10$)
💰Top 3 Recommended Exchanges to Buy Altcoins:
👍#1 Binance
👍#2 Cryptopia
👍#3 Coinexchange
☛Follow us on Facebook: https://www.facebook.com/Cryptobble/
☛Subscribe to our Youtube Channel: https://goo.gl/YHYi1B
☛Follow our Twitter: https://twitter.com/cryptobble
☛Join the Discussion on Telegram: https://t.me/cryptobblechat
☛Check us out on Instagram: https://www.instagram.com/cryptobble/
Posted from my blog with SteemPress : https://cryptobble.com/2018/05/04/cardano-price-technical-analysis-ada-usd-approaching-key-support/
Thanks for the info
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit