Key Highlights
- ADA price started a fresh downside move from the $0.1750 swing high against the US Dollar (tethered).
- There is a crucial bearish trend line forming with resistance at $0.1600 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair may perhaps continue to move down towards the $0.1550 and $0.1505 support levels.
Cardano price failed to move higher and declined against the US Dollar and Bitcoin. ADA/USD is likely to extend the current decline towards the $0.1505 level.
Cardano Price Analysis
This past week, there was a minor upside recovery from the $0.1460 swing low in ADA price against the US Dollar. The price climbed above the $0.1500 and $0.1600 resistance levels, but it failed to hold gains. A top was formed around the $0.1740 level before the price started a downside move. It declined and broke the $0.1650 and $0.1600 support levels to settle below the 100 hourly simple moving average. There was also a break below the 50% Fib retracement level of the last wave from the $0.1462 low to $0.1746 high.
At the moment, the price is trading well below the $0.1650 level and the 100 hourly SMA. It is testing the 61.8% Fib retracement level of the last wave from the $0.1462 low to $0.1746 high. A break below the $0.1550 support level may well call for more slides towards the $0.1505 level in the near term. On the upside, there is a crucial bearish trend line forming with resistance at $0.1600 on the hourly chart of the ADA/USD pair.
The chart indicates the price could extend declines as long as it is below $0.1650 and the 100 hourly SMA. The most important support on the downside is at $0.1505 where buyers may put to test.
Hourly MACD – The MACD for ADA/USD is placed nicely in the bearish zone.
Hourly RSI – The RSI for ADA/USD is declining towards the 20 level.
Major Support Level – $0.1505
Major Resistance Level – $0.1600
