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Breaking News: XRP Projected To Reach $8 By 2026: Standard Chartered Identifies Two Major Catalysts

Cardano Price Analysis: ADA/USD Could Accelerate Below $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 declined further and traded below the $0.0700 support area against the US Dollar (tethered).
  • There was a break below a contracting triangle with support at $0.0725 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is under pressure and it could accelerate declines below $0.0700 in the near term.

Cardano price remains in a downtrend against the US Dollar and Bitcoin. ADA/USD could continue to move down towards the $0.0650 level if sellers remain in action.

Cardano Price Analysis

In the last analysis, we discussed that cardano price could slide towards the $0.0700 level against the US Dollar. The ADA/USD pair did trade lower and not only tested the $0.0700 level, but surpassed it. The pair traded as low as $0.0691 and it is currently consolidating losses. During the decline, there was a break below the key support near $0.0700 and the 100 hourly simple moving average.

More importantly, there was a break below a contracting triangle with support at $0.0725 on the hourly chart of the ADA/USD pair. An initial resistance is the 23.6% Fibonacci retracement level of the recent decline from the $0.0753 high to $0.0691 low. If there is an upside move above the $0.0700 level, the broken support at $0.0720 and the 100 hourly SMA could stop upsides. Moreover, the 50% Fibonacci retracement level of the recent decline from the $0.0753 high to $0.0691 low is near $0.0722 to prevent gains. Therefore, any major recovery from the current levels could face sellers near $0.0720 or $0.0725.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is at a risk of more declines as long as it is below $0.0725 and the 100 hourly SMA. If there is a downside break below the recent low, the price may accelerate towards the $0.0670 or $0.0650 level.

Hourly MACD – The MACD for ADA/USD is about to move back in the bearish zone.

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

Major Support Level – $0.0690

Major Resistance Level – $0.0725

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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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Created by industry experts and meticulously reviewed
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