Cardano (ADA) Attempts An Upside Break Above A Key Bearish Resistance 

Cardano (ADA) has tested a significant support at $0.090 as it recovered higher against the USD. The price broke above a significant bearish trendline that had resistance at $0.0940 on the price charts. At the time of writing, Cardano (ADA) was trading in the positive territory above $0.095 but there was still a significant bearish resistance around $0.100. The cryptocurrency is currently positive against both Bitcoin and the USD. If ADA is to resume upward movement, it must break the resistances at $0.100 and $0.105.

cardano ada price

Cardano (ADA) Price Analysis For August 22

After Cardano (ADA) started the downward move, it fell below the support at $0.1000 and found a new support at $0.090. After it fell, it started recovering and moved above the $0.095 resistance level. The price of ADA also moved above the 23.6% Fibonacci retracement level of the last slope from $0.1119 to $0.0904. This is a positive sign that means the price action is changing. This is according to the price analysis of Aayush Jindal on Newsbtc.

Cardano (ADA) Price Today – ADA / USD

Name Price
cardano
Cardano
$0.047-4.59%

The price of ADA has broken the $0.0940 bearish resistance. Unfortunately, the upside move was capped around $0.1000 and at the 100 hourly SMA. The 50% fib retracement level of the last slope from $0.1119 and $0.0904 prevented more gains. The price of Cardano (ADA) is currently moving lower toward the $0.0970 and $0.0950 levels. If it corrects lower than this, it will most likely get to the $0.0940 level. This level will act as a buy zone. However, if the price moves above $0.1000, it will gather the momentum required to gain more short-term.

Cardano To USD Technical Analysis

The technical charts show that Cardano is in a positive zone because it is trading above $0.0940 level. If the price breaks upside, it will move above the $0.1000 resistance level and open the doors for more gains to the $0.1200. The relative strength index is in the bullish territory above 50. The MACD on the hourly chart is also in the bullish territory. The significant resistance is around $0.1000 and the significant support is at $0.0940.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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