Cardano Price Technical Analysis – ADA/USD Could Gain Further ByAayush JindalPRO INVESTOR Updated: 03 September 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Key Highlights ADA price corrected lower towards the $0.2560 support and then recovered against the US Dollar (tethered). There was a break above a short-term contracting triangle with resistance at $0.2750 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is currently trading near $0.2900 and the 100 hourly simple moving average with positive signs. Cardano price is back in a bullish zone against the US Dollar and Bitcoin. ADA/USD has to move above the $0.3000 resistance to gain further in the near term. Cardano Price Support After trading as high as $0.3201, ADA price faced sellers against the US Dollar. The price started a downside correction and traded below the $0.3000 and $0.2800 support levels. However, the decline was protected by the $0.2500 support area. A low was formed at $0.2563 before the price started consolidating in a range. Later, a recovery was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $0.3201 high to $0.2563 low. More importantly, there was a break above a short-term contracting triangle with resistance at $0.2750 on the hourly chart of the ADA/USD pair. The pair traded further higher and broke the $0.2850 resistance. At the moment, it is trading near the 100 hourly simple moving average and $0.2900. On the upside, there is a major hurdle near $0.3000. However, a proper close above the 61.8% Fib retracement level of the last decline from the $0.3201 high to $0.2563 low is required. Once the breaks $0.2950 and $0.3000, there could be more gains. The chart indicates that the price is consolidating near $0.2800. It may decline a few points before it makes an attempt to break the $0.3000 resistance. Above the stated $0.3000 resistance, the price could retest $0.3200. Hourly MACD – The MACD for ADA/USD may move into the bearish zone. Hourly RSI – The RSI for ADA/USD is about to test the 50 level. Major Support Level – $0.2800 Major Resistance Level – $0.3000 The post Cardano Price Technical Analysis – ADA/USD Could Gain Further appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage
