The price of ADA has formed support around $0.0920 against the USD. An ascending channel with support at $0.0925 was also formed on the one hour chart of ADA. The ADA to USD trading pair will most likely rise towards $0.0980 and possibly all the way to $0.1000. The price of ADA is now bullish against the USD but it is declining against Bitcoin. The ADA/USD pair is most likely going to move higher as long as it continues to trade above $0.090.
Cardano (ADA) Price Analysis For August 27
The price of ADA took two swings near the support at $0.0900 forming a base above this same level before it resumed an upside move. Cardano (ADA) traded above $0.0920 settling above the 100 hourly SMA. The price went as high as $0.0968 before it started correcting lower against the USD. There was a pullback below the 23.6% Fib retracement level of the last rise from $0.0905 to $0.0968.
Cardano (ADA) Price Today – ADA / USD
Downside, the price found support around $0.0930 which represented the 50% Fib retracement of the last slope from $0.0905. Below this level, the 100 hourly simple moving average is near $0.0920. Most significantly the ascending channel had support at $0.0925 on the hourly chart of ADA/USD. If the pair continues to follow the highlighted channel and remains supported at $0.0920, it will most likely move higher short-term.
Cardano (ADA) Technical Analysis
The technical charts show that the price of Cardano has formed a significant support above $0.900. Upside, there is hope of reaching $0.1000. This level also serves as strong resistance. So, pushing above it will require a lot of momentum from buyers.
The relative strength index is trying to retreat from 70 and the MACD on the hourly chart is in the bullish territory. The crucial support is at $0.0920 and the crucial resistance is at $0.1000. This is according to the price analysis of cryptocurrency writer Aayush Jindal on Newsbtc.