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Key Highlights
- ADA price declined further and broke the $0.1350 support area against the US Dollar (tethered).
- There is a major bearish trend line formed with resistance at $0.1380 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is likely to extend the current decline below the $0.1250 support in the near term.
Cardano price is placed in a bearish zone against the US Dollar and Bitcoin. ADA/USD may perhaps move down further as long as it is below $0.1350.
Cardano Price Analysis
There was an extended decline below the $0.1400 level in cardano price against the US Dollar. The ADA/USD pair broke a major support area near $0.1350 to move into a bearish zone. The price even traded below the $0.1300 support and almost tested $0.1250. It traded as low as $0.1269 and is currently trading well below the 100 hourly simple moving average.
There was a minor upside correction above the $0.1280 level. However, the 23.6% Fib retracement level of the last decline from the $0.1440 high to $0.1269 low acted as a major resistance. Above this, the next resistance is near the $0.1350 level. There is also a major bearish trend line formed with resistance at $0.1380 on the hourly chart of the ADA/USD pair. Therefore, there are many key hurdles on the upside near $0.1350 and $0.1380. Should there be a decent correction, the $0.1380 level can be seen as a sell zone.
The chart indicates that the price is under pressure below $0.1300. It could soon test the $0.1269 low and it may even break it. In the mentioned scenario, the price is likely to break the $0.1250 support. The next support below $0.1250 is at $0.1200, which is a strong barrier for sellers.
Hourly MACD – The MACD for ADA/USD is about to move back in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently near the 40 level with negative signs.
Major Support Level – $0.1250
Major Resistance Level – $0.1350
