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Cardano Price Analysis

BITTREX:ADAUSD   Cardano / US Dollar
The ADA/USD pair traded higher and broke the $0.0380 and $0.0400 resistance levels. It traded above the $0.0420 resistance and tested the $0.0450 zone. A high was formed near $0.0440 and later the price started a downside correction. It traded below the $0.0420 level and the 100 hourly simple moving average .
However, the $0.0378 area acted as a solid support. The price bounced back, but upsides were capped near $0.0435.
The chart indicates that ADA price is preparing for the next move either above $0.0430 or below $0.0400. On the downside, the price remains well supported near $0.0395 and $0.0378. On the upside, a break above $0.0430 could push the price towards $0.0450 or $0.0500.
Hourly MACD – The MACD for ADA/USD is slightly in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently just below the 50 level.
Major Support Level – $0.0378
Major Resistance Level – $0.0440
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