Key Highlights
- ADA price traded further lower recently and declined towards the $0.1500 level against the US Dollar (tethered).
- There is a major bearish trend line in place with resistance at $0.1600 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair has to move above the $0.1600 and $0.1650 resistance levels to recover in the short term.
Cardano price is under pressure against the US Dollar and Bitcoin. ADA/USD must stay above the $0.1500 level to avoid further declines in the near term.
Cardano Price Resistance
There was no upside recovery so far this week above $0.2000 in ADA price against the US Dollar. The price extended declines below the $0.1800 level and is currently trading well below $0.2000. The decline was such that the price also broke the $0.1600 level. It even pierced the $0.1500 level and traded as low as $0.1472 before starting a recovery.
It has moved a few points above the 23.6% Fib retracement level of the last decline from the $0.1828 high to $0.1472 low. However, the upside move is facing a lot of sellers near the $0.1600 level. There is also a major bearish trend line in place with resistance at $0.1600 on the hourly chart of the ADA/USD pair. The pair has to move above the $0.1600 level to recover further. Above the mentioned $0.1600 level, the price may test the 50% Fib retracement level of the last decline from the $0.1828 high to $0.1472 low at $0.1650.
It seems like there is a major barrier forming around $0.1650 and $0.1680 in the near term. On the downside, the price must stay above the $0.1500 support to avoid any further declines. Below $0.1500, the price may test the $0.1400 level.
Hourly MACD – The MACD for ADA/USD is slightly recovering in the bullish zone.
Hourly RSI – The RSI for ADA/USD is now just around the 50 level.
Major Support Level – $0.1500
Major Resistance Level – $0.1650
Charts courtesy – Trading View
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