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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000
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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Cardano Price Analysis: ADA/USD Sliding Towards $0.070

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read
technical analysis cardano

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Key Highlights

  • ADA price remains in a downtrend, with a solid resistance near the $0.0745 level against the US Dollar (tethered).
  • There is an important bearish trend line formed with resistance at $0.0740 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to struggle to clear the $0.0740 and $0.0745 resistances in the near term.

Cardano price extended losses against the US Dollar and Bitcoin. ADA/USD remains at a risk of more losses towards the $0.0700 level.

Cardano Price Analysis

After forming a high near the $0.0770 level, cardano price started a downside move against the US Dollar. The ADA/USD pair declined and broke the $0.0750 and $0.0740 support levels. There was also a close below the $0.0750 level and the 100 hourly simple moving average. The decline was such that the price broke the $0.0742 support as well and traded as low as $0.0729 recently.

It is currently consolidating losses above $0.0730. An initial resistance is near the $0.0740 level and the 23.6% Fibonacci retracement level of the last decline from the $0.0770 high to $0.0729 low. There is also an important bearish trend line formed with resistance at $0.0740 on the hourly chart of the ADA/USD pair. Above the trend line, the 100 hourly SMA is positioned near $0.0742. Therefore, a break above the $0.0740 and $0.0742 resistances won’t be easy. Above the 100 hourly SMA, the price could recover towards the $0.0754 and the 61.8% Fibonacci retracement level of the last decline from the $0.0770 high to $0.0729 low.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is clearly following a bearish structure below $0.0750. If there is a downside break below the recent low, the price might clear the $0.0720 support. The next main support for buyers is near the $0.0700 level.

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

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

Major Support Level – $0.0720

Major Resistance Level – $0.0742

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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