Cardano Price Analysis – New Support Level For ADA/USD

Cardano Price Analysis

February 5, 2018 — daily Cardano price analysis.

Key Highlights:

  • 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.

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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.

Cardano Price Analysis

Source: Tradingview

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

Featured Image: Twitter

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