Cardano Price Technical Analysis – Can ADA/USD Regain Momentum? ByAayush JindalPRO INVESTOR Updated: 20 August 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 started a minor upside move and traded above the $0.300i0 level against the US Dollar (tethered). There was a break above a major bearish trend line with resistance at $0.3130 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair traded as high as $0.3369 and it is currently correcting lower. Cardano price is showing a few positive signs against the US Dollar and Bitcoin. ADA/USD must stay above the $0.3000 level to gain upside momentum in the near term. Cardano Price Support There was a short-term bottom formed around the $0.2900 level in ADA price against the US Dollar. The price started an upside move and traded above the $0.3000 level. It opened the doors for more gains and the price moved towards $0.3400. During the upside move, there was a break above a major bearish trend line with resistance at $0.3130 on the hourly chart of the ADA/USD pair. The pair traded as high as $0.3369 and later it started a downside correction. It seems like the $0.3400 and $0.3500 levels are important resistance levels. ADA has declined below the 38.2% Fib retracement level of the last wave from the $0.2890 low to $0.3369 high. However, there are many supports on the downside around the $0.3000 level. More importantly, the broken trend line could act as a support near $0.3100. Furthermore, the 50% Fib retracement level of the last wave from the $0.2890 low to $0.3369 high is at $0.3133 to act as a support. Therefore, as long as the price is above the $0.3100 level, it may rise once again. On the upside, the price must break the $0.3400 and $0.3500 resistance levels to gain upside momentum. Hourly MACD – The MACD for ADA/USD is slightly placed in the bearish zone. Hourly RSI – The RSI for ADA/USD is lower towards the 50 level. Major Support Level – $0.3100 Major Resistance Level – $0.3500 Charts courtesy – Cryptowat, Bittrex The post Cardano Price Technical Analysis – Can ADA/USD Regain Momentum? appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage
