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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Cardano Price Analysis: ADA/USD Settled Below Key $0.05 Support

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis cardano

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ADA price fell sharply and declined below the $0.0600 and $0.0500 support levels against the US Dollar (tethered).
  • There is a major bearish trend line formed with resistance at $0.0490 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is currently trading well below the $0.0500 support and it could decline further.

Cardano price declined below key supports against the US Dollar and Bitcoin. ADA/USD may correct higher, but it could face sellers near $0.049 and $0.050.

Cardano Price Analysis

During the past two days, there were continuous declines in cardano price below the $0.0750 support against the US Dollar. The ADA/USD pair fell sharply and traded below the $0.0600 and $0.0500 support levels. The decline was such that the price even broke the $0.0450 support zone. A low was formed at $0.0428 and the price is currently trading well below the 100 hourly simple moving average.

A short term consolidation is underway above the $0.0430 level. An initial resistance is $0.0470 and the 23.6% Fibonacci retracement level of the recent decline from the $0.0640 high to $0.0428 low. Moreover, there is a major bearish trend line formed with resistance at $0.0490 on the hourly chart of the ADA/USD pair. Above the trend line, the next resistance is at $0.0500. If buyers push the price above $0.0500, there could be a recovery towards the $0.0530 level. It represents the 50% Fibonacci retracement level of the recent decline from the $0.0640 high to $0.0428 low. On the downside, an initial support is at $0.0440, below which the price could slide below the $0.0428 low.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is under a lot of pressure below the $0.0500 level. There could be a short term correction, but upsides are likely to be capped near $0.0490 or $0.0500.

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

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

Major Support Level – $0.0440

Major Resistance Level – $0.0500

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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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