The value of Cardano (ADA) remains in an upward trend as it is moving nicely in a bullish area against Bitcoin and the U.S. dollar. The value of Cardano against the US dollar is likely to continue its upward movement once the present correction is over.
Price Analysis of Cardano (ADA)
There were strong gains in the value of Cardano (ADA) from the 19 cents swing low against the USD. The value of the digital currency increased higher and broke a lot of resistance levels such as 20 cents and 20.8 cents. More importantly, there was a significant break over a critical level of resistance at $0.215.
The value of the digital currency was as high as $0.228 before sellers came onboard. The digital currency is presently correcting lower and it has moved beneath the $0.225 mark. There was also a break beneath the 23.6 percent Fibonacci retracement level of the previous swing from the low of $0.1996 to the high of $0.228.
Nevertheless, there are lots of supports on the downward trend on the way up to the 20 cents mark. An initial support is at the $0.215 level, which was initially a resistance level and it is now a key support line. Below $0.215, the 50 percent Fibonacci retracement level of the previous swing from the low of $0.1966 to the high of $0.228 is close to $0.212.
Also, a major bullish trendline is forming with support at the $0.208 on the one-hour chart of ADA against the US dollar.
Cardano Hourly Chart
The hourly chart of the digital currency signals that the value may correct a couple of points in the short-term towards $0.2150 and $0.2080. When the correction is over, the digital currency is likely to continue its upward trend. On the other side, a break over the $0.228 level may pave way for more gains towards the 25 cents level.