Cardano price slowly gaining bullish momentum above the $0.0940 resistance. ADA is likely to accelerate above the $0.1000 resistance against the USD and it might correct further higher vs bitcoin.
- Cardano price recently started a fresh increase from the $0.0785 support area.
- There was a break above a major bearish trend line with resistance at $0.0820 on the 2-hours chart.
- ADA is showing positive signs and it is likely to break the last swing high near $0.1010.
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Cardano Price Analysis (ADA to USD)
After a downside correction, cardano price found support near the $0.0745 area. Multiple swing lows were formed before ADA price started a fresh increase above the $0.0800 level.
Click to Enlarge Chart
Looking at the 2-hours chart of ADA/USD, the pair gained momentum above the key $0.0800 resistance and the 25 simple moving average (2-hours). Moreover, there was a break above a major bearish trend line with resistance at $0.0820.
It opened the doors for more gains above the $0.0850 and $0.0900 resistance levels. At the outset, the price is trading above the $0.0940 pivot level and formed a weekly high at $0.0976.
On the downside, an initial support is near the $0.0945 level and the 23.6% Fib retracement level of the last wave from the $0.0856 low to $0.0976 high. However, the main support is near the $0.0920 level and the 25 simple moving average (2-hours).
If there is an extended downside correction, the price might test the $0.0900 support. An intermediate support is $0.0915 and the 50% Fib retracement level of the last wave from the $0.0856 low to $0.0976 high.
The main uptrend support is near the $0.0855 level, below which the price might move back in a bearish zone. Conversely, a clear break above the $0.0975 resistance could push the price towards the $0.1000 resistance area.
Overall, cardano price is trading nicely above key supports near $0.0920. If there are gains in bitcoin, Ethereum, ripple, bitcoin cash and litecoin, ADA could accelerate above the $0.1000 and $0.1010 levels in the coming sessions.
The market data is provided by TradingView, Binance.
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