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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Cardano Price Technical Analysis – ADA/USD Remains at Risk

Aayush Jindal
Aayush Jindal
Last Updated: October 7, 2020 11:27 am
2 mins read
Cardano Price Technical Analysis ADA USD

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Key Highlights

  • ADA price declined sharply and is currently trading well below the $0.20 level against the US Dollar (tethered).
  • There is a short-term contracting triangle forming with resistance at $0.1800 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair remains at a risk of more declines if it fails to hold the $0.1650 support level.

Cardano price is under pressure against the US Dollar and Bitcoin. ADA/USD may correct a few points, but it could fail to move above the $0.18-0.19 resistance zone.

Cardano Price Support

The past few days were mostly bearish as ADA price declined below the $0.2000 support level against the US Dollar. The price extended losses and even closed below the $0.1900 level. The recent price action was bearish and the price traded towards the $0.1650 level. A low was formed at $0.1670 before the price started a tiny upside recovery.

It failed to even break the 23.6% Fib retracement level of the last downside move from the $0.2296 high to $0.1670 low. It seems like there is a short-term contracting triangle forming with resistance at $0.1800 on the hourly chart of the ADA/USD pair. The pair may continue to trade in a range and it could move above $0.1800. However, there is a crucial resistance near $0.1900. The mentioned $0.1900 was a support earlier and now it is likely to prevent gains. Moreover, the 38.2% Fib retracement level of the last downside move from the $0.2296 high to $0.1670 low is also around $0.191.

Cardano Price Technical Analysis ADA USD

Therefore, the $0.18 and $0.19 levels are important resistances. On the downside, the price should stay above the $0.1650 and $0.1600 levels. Should there be a break below $0.1600, the price could head towards the $0.15 level.

Hourly MACD – The MACD for ADA/USD is mostly in the bearish zone.

Hourly RSI – The RSI for ADA/USD is currently just below the 50 level.

Major Support Level – $0.1650

Major Resistance Level – $0.1900

 

Charts courtesy – Trading View

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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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Comments 1

  1. George Layfield says:
    8 years ago

    ADA/USD looks oversold. It shouldn’t be even below $0.1900 considering it was just re-testing $0.25 just a few days ago

    Reply

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Comments 1

  1. George Layfield says:
    8 years ago

    ADA/USD looks oversold. It shouldn’t be even below $0.1900 considering it was just re-testing $0.25 just a few days ago

    Reply

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Reason to trust

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