#Cardano Price Analysis: ADA/USD Could Correct Towards $0.075

Neutral #Cardano Price Analysis: ADA/USD Could Correct Towards $0.075

Key Highlights

  • ADA price traded above the $0.0800 resistance before correcting lower against the US Dollar (tethered).
  • There was a break below a major bullish trend line with support at $0.0785 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair remains at a risk of more declines below the $0.0770 and $0.0760 levels in the near term.
Cardano price is currently correcting lower against the US Dollar and Bitcoin. ADA/USD could slide towards $0.0750 if sellers remain in action in the coming sessions.

Cardano Price Analysis

In the last analysis, we discussed that cardano price could climb higher towards the $0.0800 level against the US Dollar. The ADA/USD pair did gain pace and it not only tested the $0.0800 level, but buyers pushed the price towards $0.0820. A high was formed at $0.0821 and settled above the 100 hourly simple moving average. Later, there was a downside correction and the price declined below $0.0800.

During the slide, there was a break below a major bullish trend line with support at $0.0785 on the hourly chart of the ADA/USD pair. The price also declined below $0.0790 and the 100 hourly simple moving average. It traded as low as $0.0766 and is currently correcting higher. An initial resistance is 23.6% Fibonacci retracement level of the last decline from the $0.0821 high to $0.0766 low. However, there is also a major bearish trend line with resistance at $0.0780 on the same chart. Therefore, an upside break above $0.0780 may push the price back above the $0.0800 level.

The chart indicates that ADA price is at a risk of a downside break towards the $0.0750 support. If sellers remain in action, the price may perhaps slide further towards the $0.0737 support area.

Hourly MACD - The MACD for ADA/USD is slowly moving in the bearish zone.

Hourly RSI - The RSI for ADA/USD is moving higher and it could settle above the 50 level.

Major Support Level - $0.0750

Major Resistance Level - $0.0780

11/09/2018 / 08:28:57 Source: newsbtc

Analysis | Technical | ADA | Cardano | | ADA|Trading|Market|Fiat
BTC
1 BTC=$3,672.73
XRP
1 XRP=$0.3291
ETH
1 ETH=$123.05
XUC
1 XUC=$2.00
EOS
1 EOS=$2.53
BCH
1 BCH=$129.67

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Negative
2.9%
Neutral
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Positive
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Mixed
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