Key Highlights
- ADA price fell below the $0.1500 support and traded towards the $0.1200 support against the US Dollar (tethered).
- A major bearish trend line is formed with resistance near $0.1400 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is consolidating below the $0.1400 resistance and is currently in a bearish zone.
Cardano price remains in a negative bias against the US Dollar and Bitcoin. ADA/USD must clear the $0.1400 resistance to move back in a positive zone.
Cardano Price Analysis
The past few days were extremely bearish as ADA price broke the $0.2000 and $0.1500 support levels against the US Dollar. The ADA/USD pair declined towards the $0.1200 level where sellers appeared. A new monthly low was formed at $0.1192 and the price is currently trading well below the 100 hourly simple moving average. The price started a short-term upward correction and moved above the $0.1250 level.
There was also a break above the 50% Fib retracement level of the last slide from the $0.1419 high to $0.1192 low. However, the upside move was capped by the $0.1350 level, which was a support earlier. Moreover, the 61.8% Fib retracement level of the last slide from the $0.1419 high to $0.1192 low also prevented gains. On the upside, there is also a major bearish trend line formed with resistance near $0.1400 on the hourly chart of the ADA/USD pair. Therefore, the pair must clear the $0.1350 and $0.1400 resistance levels to attempt a larger correction.
The chart indicates the price is currently consolidating below the trend line and resistance at $0.1400. As long as the price is above the $0.1200 support, there is a chance of an upward move. Resistances are at $0.1400 and $0.1500.
Hourly MACD – The MACD for ADA/USD is currently flat in the bullish zone.
Hourly RSI – The RSI for ADA/USD is moving to and fro around the 50 level.
Major Support Level – $0.1200
Major Resistance Level – $0.1400
