06 Feb Cardano Price Analysis – New Support Level For ADA/USD
February 5, 2018 — daily Cardano price analysis.
- Cardano (ADA) price recovered recently, but it failed to stay above $0.4500
- There is a new major declining trend forming with resistance at $0.3380 on the hourly chart
- A major support level is established near the $0.3033 level
Cardano Price Resistance
The ADA price against the U.S. Dollar recently bounced back from a low of close to $0.2900, now trading at $0.3095, but it failed to go above the previous resistance of $0.3380. It did make a short-term top at $0.3273 as the day progressed, but the downward movement continued on afterward.
The 23.6% Fibonacci retracement level of $0.2200 is not too helpful at the moment, but it’s a good price for anyone looking for a “bottom” to get in.
Now the question is whether ADA price could hold at $0.3033 or go back down below $0.3000. A short-term upside is expected at $0.3250, but the real resistance that needs to be tested is $0.3380. Both MACD and RSI indicators look encouraging, especially as now the MACD line and the signal line are overcrossing.
Looking at the Technicals:
- MACD — the MACD indicator is showing a bullish signal since both lines are on verge of crossing
- RSI — the RSI indicator for ADA is giving a bullish signal, as it’s under the 50 mark
- Major Support Level — $0.3033
- Major Resistance Level — $0.3382
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