Cardano Price Analysis: ADA/USD Could Resume Losses Below $0.062

technical analysis cardano

Key Highlights

Cardano price tumbled recently against the US Dollar and Bitcoin. ADA/USD is currently recovering, but upsides are capped near $0.0640 and $0.0675.

Cardano Price Analysis

In the last analysis, we discussed the chances of more losses below $0.0720 in cardano price against the US Dollar. There was a sharp decline in bitcoin and Ethereum recently, which pushed the ADA/USD pair below $0.0700. The price tumbled and broke many supports like $0.0650 and $0.0620. There was even a break below $0.0600 and the price settled below the 100 hourly simple moving average.

The price traded as low as $0.0580 and later started an upside correction. It moved above the $0.0600 level and the $0.0620 pivot level. There was also a break above the 23.6% Fibonacci retracement level of the recent decline from the $0.0774 high to $0.0580 low. However, the upside move was capped by the $0.0650 resistance. Moreover, there is a key bearish trend line formed with resistance at $0.0640 on the hourly chart of the ADA/USD pair. Above the trend line and $0.0650, the next major resistance is near $0.0675. It represents the 50% Fibonacci retracement level of the recent decline from the $0.0774 high to $0.0580 low.

The chart indicates that ADA price recovered nicely from the $0.0580 low. However, the price is currently facing a lot of hurdles near $0.0640 and $0.0650. If buyers fail to push the price above $0.0650 or $0.0675, there could be a fresh decline below $0.0620 and $0.0600.

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 just below the 50 level.

Major Support Level – $0.0620

Major Resistance Level – $0.0650

Exit mobile version