Cardano price tested the key $0.0720 support area recently and bounced back. ADA is positioned nicely and it could start a strong upward move versus the USD and bitcoin.
- Cardano price declined further below $0.0800 and tested the key $0.0720 support area.
- The last week’s identified declining channel is intact with current resistance at $0.0800 on the 2-hours chart.
- ADA could start a strong upward move once there is a convincing close above $0.0800.
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Cardano Price Analysis (ADA to USD)
In the last cardano price prediction, we saw the start of a steady decline from the $0.1000 resistance area. ADA formed multiple swing highs near $0.0930, $0.0920 and $0.0850 to move into a bearish zone versus the USD and bitcoin.
Click to Enlarge Chart
Looking at the 2-hours chart of ADA/USD, the pair even broke the $0.0800 support and the 25 simple moving average (2-hours). Sellers pushed the price below the $0.0750 support and recently the price tested the key $0.0720 support area.
The price traded as low as $0.0718 and it seems like there was a strong buying interest near the $0.0720 level. There were more than two attempts to push the price further lower, but sellers failed and the price recently recovered above $0.0730.
There was a break above the 23.6% Fib retracement level of the last drop from the $0.0852 high to $0.0718 low. The price is up more than 5% today and it is gaining bullish momentum above $0.0750 and the 25 simple moving average (2-hours).
An immediate resistance is near the $0.0785 level and the 50% Fib retracement level of the last drop from the $0.0852 high to $0.0718 low. The main resistance is near the last week’s identified declining channel with current barrier at $0.0800 on the same chart.
A successful close above the channel resistance and $0.0805 is likely to open the doors for a significant upward move. The next key resistance is at $0.0858, above which cardano price is likely to climb steadily towards the $0.1000 resistance area. On the downside, ADA buyers are likely to remain active near the $0.0720 support area in the short term.
The market data is provided by TradingView, Binance.
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