Analysis Technical

Cardano Price Analysis: ADA/USD Could Extend Slides To $0.0720

Aayush Jindal | October 19, 2018 | 8:28 am
technical analysis cardano
Analysis

Cardano Price Analysis: ADA/USD Could Extend Slides To $0.0720

Aayush Jindal | October 19, 2018 | 8:28 am

Key Highlights

  • ADA price failed to gain momentum above $0.0800 and declined recently against the US Dollar (tethered).
  • There is a key bearish trend line formed with resistance at $0.0790 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to extend the current decline towards the $0.0735 or $0.0720 levels.

Cardano price moved into a short term bearish zone against the US Dollar and Bitcoin. ADA/USD could drop to $0.0720 before buyers take a stand.

Cardano Price Analysis

There were a couple of rejections noted around the $0.0810 and $0.0800 resistances in cardano price against the US Dollar. The ADA/USD pair failed to settle above $0.0800, resulting in a bearish reaction. The price declined and broke the $0.0790 support level and the 100 hourly simple moving average. It opened the doors for more gains and the price settled below the $0.0800 level.

During the decline, there was a break below a connecting bullish trend line at $0.0792. Moreover, the price broke the 50% Fibonacci retracement level of the last wave from the $0.0701 low to $0.0847 high. The price traded towards the $0.0750 level, which acted as a support. However, the price remains at a risk of more losses below $0.0750. Once there is a break below the 61.8% Fibonacci retracement level of the last wave from the $0.0701 low to $0.0847 high, the price could extend declines. The next major support is at $0.0735, followed by the $0.0720 buy zone. On the upside, there is a key bearish trend line formed with resistance at $0.0790 on the hourly chart of the ADA/USD pair.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is likely to decline further in the short term as long as it is below $0.0800. Above $0.0800, the price may climb to $0.0840 or $0.0850.

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

Hourly RSI – The RSI for ADA/USD is currently well below the 45 level.

Major Support Level – $0.0720

Major Resistance Level – $0.0800

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!

Google play logo

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