Cardano Price Analysis: ADA/USD Surging Towards $0.20

Key Highlights

• ADA price climbed higher and broke the $0.1500 and $0.1700 resistance levels against the US Dollar (tethered).
• There is a crucial bullish trend line in place with support at $0.1600 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair may perhaps continue to move higher and it could revisit the $0.2000 resistance zone.

Cardano price is surging against the US Dollar, Ethereum and Bitcoin. ADA/USD remains in a solid uptrend and it might accelerate further higher.

Cardano Price Analysis

After a minor dip, cardano price formed a support base near the $0.1500 level against the US Dollar. The ADA/USD pair climbed higher and broke a couple of important resistances such as $0.1500 and $0.1700. Buyers were able to push the price above the $0.1850 level and a high was formed at $0.1869. At the moment, the price is consolidating below $0.1850.

It recently tested the 23.6% Fib retracement level of the last leg from the $0.1501 low to $0.1869 high. However, losses were limited and the price found support near $0.1780. If there are further slides, the next support is near the $0.1680 level. The stated level represents the 50% Fib retracement level of the last leg from the $0.1501 low to $0.1869 high. Moreover, there is a crucial bullish trend line in place with support at $0.1600 on the hourly chart of the ADA/USD pair. Therefore, dips from the current levels are likely to find buyers near $0.1780, $0.1680 and $0.1600.

The chart indicates that the price may continue to grind above $0.1850. A break above the recent high at $0.1869 could clear the path for more gains above $0.1900. The next stop for buyers will most likely be near the $0.2000 barrier.

Hourly MACD – The MACD for ADA/USD is placed heavily in the bullish zone.

Hourly RSI – The RSI for ADA/USD is currently in the overbought levels with no sign of a downward correction.

Major Support Level – $0.1780

Major Resistance Level – $0.1900

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