Key Highlights
- ADA price is under pressure as it moved below the $0.1550 support area against the US Dollar (tethered).
- There is a major bearish trend line in place with resistance at $0.1420 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is likely decline further once sellers succeed in breaching the $0.1350 support level.
Cardano price extended losses below key supports against the US Dollar and Bitcoin. ADA/USD is in a bearish zone with supports at $0.1350 and $0.1250.
Cardano Price Analysis
There was no major recovery in cardano price above the $0.1660 level against the US Dollar. The ADA/USD pair declined and broke a few important supports like $0.1600 and $0.1550. The price even cleared the $0.1400 support and is currently trading well below the 100 hourly simple moving average. The recent low was formed at $0.1356 and the price is currently consolidating gains.
In the short term, the price may perhaps correct a few points above the $0.1380 level. An initial resistance is the 23.6% Fib retracement level of the last decline from the $0.1641 high to $0.1356 low. There is also a major bearish trend line in place with resistance at $0.1420 on the hourly chart of the ADA/USD pair. Above the trend line resistance, the next hurdle is near $0.1500. It coincides with the 50% Fib retracement level of the last decline from the $0.1641 high to $0.1356 low. Above this, the price could face a tough challenge near the previous support at $0.1550.
The chart indicates that the price is in a downtrend below $0.1550. If it fails to recover above $0.1420 and $0.1450, it may perhaps decline further. Below the recent low of $0.1356, the price is likely to visit the next support at $0.1250.
Hourly MACD – The MACD for ADA/USD is mostly placed in the bearish zone.
Hourly RSI – The RSI for ADA/USD is well below the 40 level with a bearish angle.
Major Support Level – $0.1350
Major Resistance Level – $0.1500
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