Analysis Technical

Cardano Price Analysis: ADA/USD Could Accelerate Declines

Aayush Jindal | May 28, 2018 | 8:00 am
technical analysis cardano
Analysis

Cardano Price Analysis: ADA/USD Could Accelerate Declines

Aayush Jindal | May 28, 2018 | 8:00 am

Key Highlights

  • ADA price remains in a major downtrend below the $0.2000 and $0.2200 resistance levels against the US Dollar (tethered).
  • There was a break below a major declining channel with support at $0.1820 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair remains at a risk of more declines as long as it is below $0.2100 in the near term.

Cardano price is under huge selling pressure against the US Dollar and Bitcoin. ADA/USD is likely to accelerate declines below $0.1750.

Cardano Price Analysis

There was a key consolidation above the $0.1900 support level in ADA price against the US Dollar. The price traded in a range for many sessions with a bullish angle towards $0.2100. However, the price was not able to gain momentum above the $0.2050 and $0.2100 resistance levels. Moreover, there was also no close above $0.2100 and the 100 hourly simple moving average.

As a result, there was a sharp downside move from $0.2050. Sellers took control and pushed the price below the $0.2000 and $0.1900 support levels. Moreover, there was a break below a major declining channel with support at $0.1820 on the hourly chart of the ADA/USD pair. The pair declined and traded close to the $0.1750 level. A low was formed at $0.1782 with an initial resistance near the 23.6% Fib retracement level of the last decline from the $0.2045 high to $0.1782 low. Above the $0.1850 level, there are many hurdles for buyers near $0.1950.

Cardano Price Analysis ADA USD

The chart indicates that if the price corrects higher, the $0.1950 level and the 100 hourly SMA are likely to prevent gains. A close above $0.2000 is needed to decrease the current selling pressure. On the downside, a break below the $0.1750 support level is very likely.

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

Hourly RSI – The RSI for ADA/USD has almost reached the oversold levels.

Major Support Level – $0.1750

Major Resistance Level – $0.2000

Tags: , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.