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Home Technical analysis

Cardano Price Analysis: ADA/USD Could Test $0.1100

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2min read
Cardano Price Analysis ADA USD
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Key Highlights

  • ADA price is under heavy pressure and is currently trading well below $0.1300 against the US Dollar (tethered).
  • There is a crucial bearish trend line formed with resistance at $0.1210 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to continue its downside move towards the $0.1100 support level in the near term.

Cardano price extended its slide against the US Dollar and Bitcoin. ADA/USD remains at a risk of more losses towards the $0.1100 and $0.1000 levels.

Cardano Price Analysis

There was a minor upside move above the $0.1250 level recently in ADA price against the US Dollar. The ADA/USD pair traded towards $0.1300, but it failed to gain upside momentum. As a result, there was a downside reaction and the price declined below the $0.1200 support. The drop was such that the price traded to a new monthly low below $0.1140 and is currently trading well below the 100 hourly simple moving average.

A low was formed at $0.1132 and the price is currently correcting higher. An initial resistance is near the 38.2% Fib retracement level of the last decline from the $0.1287 high to $0.1132 low. However, the most important resistance is near the $0.1210 level. There is also a crucial bearish trend line formed with resistance at $0.1210 on the hourly chart of the ADA/USD pair. It coincides with the 50% Fib retracement level of the last decline from the $0.1287 high to $0.1132 low. Therefore, any upside move from the current levels is likely to face sellers near $0.1210.

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Cardano Price Analysis ADA USD

The chart indicates that the price is clearly in a major downtrend below $0.1500. More losses are likely towards the $0.1100 and $0.1000 support levels in the near term.

Hourly MACD – The MACD for ADA/USD is gaining pace in the bearish zone.

Hourly RSI – The RSI for ADA/USD is near the oversold levels with no major sign of a recovery.

Major Support Level – $0.1100

Major Resistance Level – $0.1210

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 with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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