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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Cardano Price Analysis: ADA/USD Surging Towards $0.090

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis cardano

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • ADA price formed a decent support near the $0.0700 level and rallied recently against the US Dollar (tethered).
  • There was a break above a key bearish trend line with resistance at $0.0802 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is placed nicely in a positive zone and it could move further towards $0.0880 and $0.0900.

Cardano price jumped back in a positive zone against the US Dollar and Bitcoin. ADA/USD is likely to accelerate gains towards the $0.0900 resistance.

Cardano Price Analysis

After a downside move below the $0.0800 level, cardano price found support against the US Dollar. The ADA/USD pair formed a decent support base near the $0.0700 level and later started an upside move. There was a sharp upward move and the price broke the $0.0750 resistance and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fibonacci retracement level of the last decline from the $0.0886 high to $0.0694 low.

It opened the doors for more gains above the $0.0800 level. More importantly, there was a break above a key bearish trend line with resistance at $0.0802 on the hourly chart of the ADA/USD pair. The pair rallied further and traded above the $0.0810 level. There was a test of the 76.4% Fibonacci retracement level of the last decline from the $0.0886 high to $0.0694 low. The current price action is positive above the $0.0800 level and there could be more gains. On the upside, the price is facing a tough resistance near the $0.0880 and $0.0900 levels. A break above these may well open the doors for a push towards $0.1000.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price recovered nicely from the $0.0700 support base. If there is a downside correction, the $0.0750 level is likely to protected losses.

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

Hourly RSI – The RSI for ADA/USD is moving higher towards the 80 level.

Major Support Level – $0.0750

Major Resistance Level – $0.0880

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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