Analysis Technical

Cardano Price Technical Analysis – ADA/USD Remains in Downtrend

Aayush Jindal | May 14, 2018 | 8:00 am
technical analysis cardano
Analysis

Cardano Price Technical Analysis – ADA/USD Remains in Downtrend

Aayush Jindal | May 14, 2018 | 8:00 am

Key Highlights

  • ADA price corrected higher recently, but it faced a strong hurdle near $0.2820 against the US Dollar (tethered).
  • There is a crucial bearish trend line forming in place with resistance at $0.2750 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair could decline back towards $0.2400 if it fails to move above the $0.2820 pivot level.

Cardano price is facing many barriers against the US Dollar and Bitcoin. ADA/USD must climb above $0.2820 and the 100 hourly SMA to gain upside momentum.

Cardano Price Resistances

After a major downside move, ADA price found support near the $0.2300 level against the US Dollar. A low was formed at $0.2335 before the price started an upside correction. It recovered and moved above the $0.2500 resistance level. Buyers were also successful in pushing the price above the 38.2% Fib retracement level of the last decline from the $0.3203 high to $0.2335 low.

However, the upside move was capped by a strong resistance near $0.2820. The price also faced sellers near the 100 hourly simple moving average, which is currently at $0.2780. Moreover, the 50% Fib retracement level of the last decline from the $0.3203 high to $0.2335 low prevented upsides. More importantly, there is a crucial bearish trend line forming in place with resistance at $0.2750 on the hourly chart of the ADA/USD pair. The pair was rejected from the $0.2800 zone, 100 hourly SMA, and the trend line.

Cardano Price Technical Analysis ADA USD

The chart indicates that the price is under pressure and it may decline back towards the $0.2500 support. Should buyers fail to keep the price above $0.2500, it may perhaps retest the $0.2330 swing low. On the other hand, if they succeed in clearing $0.2820 and 100 hourly SMA, there can be a sharp upside move towards $0.3200.

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

Hourly RSI – The RSI for ADA/USD has moved below the 50 level.

Major Support Level – $0.2500

Major Resistance Level – $0.2820

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