The Cardano (ADA) to USD trading pair has moved above the resistance levels at $0.0845 and $0.1000. The price broke a major bearish trendline that had resistance at $0.0980 on the Cardano (ADA) to USD price chart. The trading pair is correcting lower but it still has strong support above the $0.090 level. Cardano is currently bullish against Bitcoin and against the USD. The good news is that the trading pair is going to move past the $0.100 and $0.1100 levels soon if it is to gain traction short-term.
Cardano (ADA) To USD Price Analysis For August 20
Cardano (ADA) formed support at $0.0845 and started an upside movement that took the pair above the resistance levels at $0.090 and even $0.1000. The pair kept climbing until it broke the $0.1100 support level and formed a high at $0.1121. While it was moving upside, the price moved above a significant sell wall that was near $0.1050 settling above the 100 hourly SMA.
Cardano (ADA) Price Today – ADA / USD
On the hourly chart, there was also a break above the significant bearish trendline that formed resistance at $0.0980. The Cardano (ADA) to USD trading pair started correcting downside until it moved below the $0.1050 level. The cryptocurrency broke the 50% Fibonacci retracement level of the last wave from $0.0845 to $0.1121. The price of Cardano is settling near the $0.0980 level. A bullish trendline has been formed with support around $0.0980. The 61.8% Fibonacci retracement level of the last rise from $0.0845 to $0.1121 is at $0.0950.
Technical Indicators For Cardano (ADA)
The technical charts show that the price of ADA has found support above $0.0950. Upside, the price will need to move above $0.1050 if it is to gain traction to $0.1100 or $0.1120. The relative strength index is below 50 and the MACD on the hourly chart is in the bearish territory. The significant support level is at $0.0950 while the significant resistance level is at $0.1050. This is according to the price analysis of Aayush Jindal on Newsbtc.