Key Highlights
- ADA price is slowly moving higher from the $0.5157 low against the US Dollar (tethered).
- There is a major bullish trend line forming with support at $0.6200 on the hourly chart of ADA/USD (data feed via Bittrex).
- The pair may continue to move higher and it could trade above the $0.6500 level in the near term.
Cardano price is in a slow uptrend against the US Dollar and Bitcoin. ADA/USD is likely to extend gains above the $0.65 and $0.68 levels in the near term.
Cardano Price Trend
A short-term bottom was formed above $0.5000 in ADA price against the US Dollar. The price started an upside move from the $0.5157 swing low and traded above the $0.6000 level. The upside move was positive above $0.6000 since the price was able to close above the 100 hourly simple moving average. It traded as high as $0.6859 from where it corrected lower. It moved down below the 23.6% Fib retracement level of the last wave from the $0.5157 low to $0.6859 high.
On the downside, there is a major bullish trend line forming with support at $0.6200 on the hourly chart of ADA/USD. The pair is moving nicely above $0.6000 and it recently tested the 38.2% Fib retracement level of the last wave from the $0.5157 low to $0.6859 high. Any major decline seems to be limited considering the supports at $0.6200 and $0.6000. The $0.6000 is important since it is the 50% Fib retracement level of the last wave from the $0.5157 low to $0.6859 high.
On the upside, the price may soon move above $0.6500 one more time. Above $0.6500, the price could test the $0.6800 level in the near term.
Hourly MACD – The MACD is slightly placed in the bullish zone with positive signs.
Hourly RSI – The RSI is currently moving lower towards the 50 level.
Major Support Level – $0.6200
Major Resistance Level – $0.6800
Charts courtesy – Trading View, Bittrex
