Cardano Price Analysis: ADA/USD Could Recover Above $0.042

Key Highlights

Cardano price is slowly recovering against the US Dollar and Bitcoin. ADA/USD may continue to recover towards the $0.0420 or even $0.0450 level.

Cardano Price Analysis

After a solid decline below the $0.0400 support, cardano price found support near $0.0350 against the US Dollar. The ADA/USD pair traded as low as $0.0332 and later started consolidating losses above $0.0350. A decent support base was formed near $0.0350 and later the price started an upward move. It traded above the $0.0370 resistance to move into a positive zone.

Besides, there was a break above the 23.6% Fibonacci retracement level of the last drop from the $0.0450 swing high to $0.0332 low. Moreover, there was a break above a major bearish trend line with resistance at $0.0362 on the hourly chart of the ADA/USD pair. The pair traded above the $0.0380 resistance and the 100 hourly simple moving average. At the moment, the price is testing the 50% Fibonacci retracement level of the last drop from the $0.0450 swing high to $0.0332 low. If there is a break above the $0.0392 and $0.0400 resistances, there could be more gains. The next stop for buyers may be $0.0420, above which the price may test the $0.0450 resistance.

The chart indicates that ADA price is slowly moving higher towards $0.0420. If buyers remain in action, the price may even test $0.0450. On the downside, an initial support is at $0.0370, below which the price could revisit $0.0350.

Hourly MACD – The MACD for ADA/USD is currently in the bullish zone.

Hourly RSI – The RSI for ADA/USD is now well above the 55 level.

Major Support Level – $0.0350

Major Resistance Level – $0.0420