24 Jan Cardano Price Technical Analysis – ADA/USD Bullish above $0.60
- ADA price declined recently but it managed to stay above the $0.50 support against the US Dollar (tethered).
- There is a key bearish trend line forming with resistance at $0.5600 on the hourly chart of ADA/USD (data feed via Bittrex).
- The pair needs to overcome selling pressure near the $0.58 and $0.60 resistance levels to move back in the bullish zone.
Cardano price is trading with a minor bearish pressure against the US Dollar and Bitcoin. ADS/USD must move above $0.60 to gain bullish traction in the near term.
Cardano Price Upside Hurdle
There was a slow and steady decline noted from the $0.7000 swing high in ADA price against the US Dollar. The price traded below a few important support levels such as $0.6500 and $0.6000. However, the downside move was protected by the $0.5000 support area. A low was formed at $0.5102 from where an upside correction was initiated.
It moved above the 23.6% Fib retracement level of the last decline from the $0.7183 high to $0.5102 low. However, the upside move was capped by the $0.6000 resistance. There is also a key bearish trend line forming with resistance at $0.5600 on the hourly chart of ADA/USD. Moreover, the 38.2% Fib retracement level of the last decline from the $0.7183 high to $0.5102 low recently acted as a resistance. Therefore, it seems like an upside break above the $0.5800 and $0.6000 resistance is needed for the price to move back in the bullish zone.
Above $0.6000, the price could retest the $0.7000 level. On the downside, an initial support is at $0.5200. The most important support sits at $0.5000, which must hold to avoid further declines.
Hourly MACD – The MACD is currently moving in the bearish zone with negative signs.
Hourly RSI – The RSI is currently well below the 50 level with a minor bearish angle.
Major Support Level – $0.5200
Major Resistance Level – $0.6000
Charts courtesy – SimpleFX
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