February 5, 2018 — daily Cardano price analysis.

Key Highlights:

Cardano (ADA) price recovered recently, but it failed to stay above $0.4500
There is a new major declining trend forming with resistance at $0.3380 on the hourly chart
A major support level is established near the $0.3033 level

Cardano Price Resistance

The ADA price against the U.S. Dollar recently bounced back from a low of close to $0.2900, now trading at $0.3095, but it failed to go above the previous resistance of $0.3380. It did make a short-term top at $0.3273 as the day progressed, but the downward movement continued on afterward.

The 23.6% Fibonacci retracement level of $0.2200 is not too helpful at the moment, but it’s a good price for anyone looking for a “bottom” to get in.

Source: Tradingview

Now the question is whETHer ADA price could hold at $0.3033 or go back down below $0.3000. A short-term upside is expected at $0.3250, but the real resistance that needs to be tested is $0.3380. Both MACD and RSI indicators look encouraging, especially as now the MACD line and the signal line are overcrossing.

Looking at the Technicals:

MACD — the MACD indicator is showing a bullish signal since both lines are on verge of crossing
RSI — the RSI indicator for ADA is giving a bullish signal, as it’s under the 50 mark
Major Support Level — $0.3033
Major Resistance Level — $0.3382

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.