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technical analysis cardano

Cardano Price Analysis: ADA/USD Sellers Remain in Control Below $0.12

Avatar Aayush Jindal 2 years ago

Key Highlights

  • ADA price extended declines and traded to a new monthly low at $0.1070 against the US Dollar (tethered).
  • There is a crucial bearish trend line formed with resistance near $0.1170 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair could drop further if buyers fail to push the price above $0.1170 and $0.1200.

Cardano price is facing an uphill task against the US Dollar and Bitcoin. ADA/USD remains at a risk of more losses below the $0.1100 level in the near term.

Cardano Price Analysis

After a short-term correction, cardano price failed to move above the $0.1250 resistance against the US Dollar.  The ADA/USD pair topped near the $0.1270 level and started a fresh downside move. It declined sharply and broke the $0.1100 support. A new monthly low was formed at $0.1070 and later the price started trading in a range. It broke the 23.6% Fib retracement level of the last slide from the $0.1267 high to $0.1070 low.

However, it seems like the price struggled to break the $0.1150 level and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last slide from the $0.1267 high to $0.1070 low also acted as a resistance. The price is currently trading in a tight range above the $0.1100 level. On the upside, there is a crucial bearish trend line formed with resistance near $0.1170 on the hourly chart of the ADA/USD pair. The pair has to move past the trend line, the 100 hourly SMA, and the $0.1200 resistance to gain upside momentum.

Cardano Price Analysis ADA USD

The chart indicates that ADA price may struggle to break $0.1200. If sellers gain traction, there is a chance of more declines below the $0.1070 low. In this case, the price could even test the $0.1000 level in the near term.

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

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

Major Support Level – $0.1070

Major Resistance Level – $0.1200

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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