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technical analysis cardano
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Cardano Price Analysis: ADA/USD Could Extend Declines

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • ADA price is trading below the $0.1500 support and is currently in a bearish zone against the US Dollar (tethered).
  • There is a key bearish trend line formed with resistance at $0.1450 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair may continue to move down towards the $0.1400 and $0.1380 support levels in the near term.

Cardano price is under pressure against the US Dollar and Bitcoin. ADA/USD is likely to retest the $0.1400 support if sellers remain in action.

Cardano Price Analysis

There was a fresh downside move initiated from the $0.1580 high in ADA price against the US Dollar. The ADA/USD pair declined below the $0.1500 support and moved into a bearish zone. An intermediate high was formed at $0.1494 and the price is currently moving lower. It recently broke the $0.1460 support and the 100 hourly simple moving average. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $0.1375 low to $0.1494 high.

It seems like the price may perhaps extend the current decline below the $0.1420 level. An immediate support is around the 76.4% Fib retracement level of the last wave from the $0.1375 low to $0.1494 high. Below this, the $0.1400 support could stop the decline. Finally, if the price declines further, it could revisit the last low of $0.1375. In the short term, an upward move is likely to face resistances near the $0.1450 level and the 100 hourly SMA. Moreover, there is a key bearish trend line formed with resistance at $0.1450 on the hourly chart of the ADA/USD pair.

Cardano Price Analysis ADA USD

The chart indicates that the price looks set for an extended correction. However, the $0.1400 support holds a lot of importance in the short term.

Hourly MACD – The MACD for ADA/USD is now moving in the bearish zone.

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

Major Support Level – $0.1400

Major Resistance Level – $0.1460

Tags: ADAADA/USDCardanoCardano priceCardano price AnalysisCardano price Chart
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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