Bank Sponsored
technical analysis cardano

Cardano Price Analysis: ADA/USD Facing Uphill Task Near $0.10

Avatar Aayush Jindal 2 years ago

Key Highlights

  • ADA price declined heavily and traded as low as $0.0844 against the US Dollar (tethered).
  • This week’s highlighted significant bearish trend line is still active with resistance near $0.1100 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is currently correcting higher, but it is likely to face sellers near the $0.1000 and $0.1100 levels.

Cardano price declined heavily against the US Dollar and Bitcoin. ADA/USD is rebounding, but there are many hurdles on the upside near $0.1000.

Cardano Price Analysis

In one of the previous analyses, we discussed that cardano price could drop towards the $0.1000 level against the US Dollar.  The ADA/USD pair did move down sharply and broke the $0.1000 support area. It even traded below the $0.090 level and formed a low at $0.0844. Later, the price started an upside correction and moved above the $0.0900 resistance. It also broke the 23.6% Fib retracement level of the last decline from the $0.1146 high to $0.0844 low.

However, the price is now heading towards a crucial resistance near $0.1000, which was a support earlier. Moreover, the 50% Fib retracement level of the last decline from the $0.1146 high to $0.0844 low is positioned near the $0.1000 level to act as a hurdle. Above $0.1000, this week’s highlighted significant bearish trend line is still active with resistance near $0.1100 on the hourly chart of the ADA/USD pair. Therefore, there are clearly many resistances on the upside near the $0.1000 and $0.1100 levels. A break above this last could open the doors for a push towards the $0.1250 level in the near term.

Cardano Price Analysis ADA USD

The chart indicates that ADA price has likely completed a correction wave near $0.1000. It could decline once again back towards the $0.0900 level in the short term.

Hourly MACD – The MACD for ADA/USD is placed in the bullish zone.

Hourly RSI – The RSI for ADA/USD is moving lower towards the 50 level.

Major Support Level – $0.0900

Major Resistance Level – $0.1100

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...

Tags: BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
AMFEIX

Invest In The Best Performing Fund Of 2020 - 45%+ Estimated APR

Ad
Tachyon Protocol (IPX)

IPX Staking starts! No Lock Up. Withdraw and cancel anytime. No tech skills needed. Earn unlimited rewards by selling traffic to over 400,000 global users on Tachyon VPN.

Ad