Analysis Technical

Cardano Price Analysis: ADA/USD Could Test $0.060

Aayush Jindal | September 12, 2018 | 8:00 am
technical analysis cardano
Analysis

Cardano Price Analysis: ADA/USD Could Test $0.060

Aayush Jindal | September 12, 2018 | 8:00 am

Key Highlights

  • ADA price declined further and broke the $0.0700 support level against the US Dollar (tethered).
  • There is a major declining channel in place with resistance at $0.0700 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to break the $0.0620 support area and decline further in the near term.

Cardano price is moving lower against the US Dollar and Bitcoin. ADA/USD may continue to trade lower towards the $0.0600 support area if sellers remain in control.

Cardano Price Analysis

This week, there were heavy declines below the $0.0900 support in cardano price against the US Dollar. The ADA/USD pair declined and broke a couple of important support levels like $0.0800 and $0.0750. The decline was such that the price recently broke the $0.0700 support area and dived below $0.0650. A new monthly low was formed at $0.0628 and the price remains in a bearish zone.

An initial resistance on the upside is near $0.0670. It represents the 23.6% Fibonacci retracement level of the last slide from the $0.0810 high to $0.0628 low. More importantly, there is a major declining channel in place with resistance at $0.0700 on the hourly chart of the ADA/USD pair. Above the channel resistance, the next hurdle is near the $0.0720 level. The stated $0.0720 level is close to the 50% Fibonacci retracement level of the last slide from the $0.0810 high to $0.0628 low. Lastly, the 100 hourly simple moving average is positioned near the $0.0760 level to act as a hurdle for buyers.

Cardano Price Analysis ADA USD

The chart indicates that ADA price may correct a few points in the short term towards $0.0700. However, upsides are likely to be capped by the $0.0700 and $0.0720 resistance levels. On the downside, a break below the $0.0628 low could open the doors for a push to $0.0600.

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

Hourly RSI – The RSI for ADA/USD is presently well below the 40 level.

Major Support Level – $0.0600

Major Resistance Level – $0.0720

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.