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Key Highlights
- ADA price traded further lower and broke the $0.1550 support against the US Dollar (tethered).
- There is a crucial bearish trend line formed with resistance near $0.1555 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is currently in a downtrend and it could break the $0.1500 support for more losses.
Cardano price failed to recover against the US Dollar and Bitcoin. ADA/USD tumbled and it remains at a risk of more losses below the $0.1550 level.
Cardano Price Analysis
During the past few sessions, there was an increase in selling pressure on ADA price below $0.1660 against the US Dollar. The ADA/USD pair failed to break the $0.1650 resistance and started a downside move. It broke down and cleared the $0.1600 and $0.1550 support levels to settle below the 100 hourly simple moving average. More importantly, the price settled below a key support at $0.1550, opening the doors for more declines.
During the slide, the price surpassed the last swing low near $0.1557. It means the price may perhaps test the 1.236 Fib extension level of the last wave from the $0.1557 low to $0.1708 high at $0.1522. However, if sellers remain in action, there is even a chance of further losses towards the $0.1500 level. Below this, the next support is at $0.1450. On the other hand, if the price corrects higher, it could test the $0.1550 resistance zone. There is also a crucial bearish trend line formed with resistance near $0.1555 on the hourly chart of the ADA/USD pair.
The chart indicates the price is likely to move down further towards the $0.1500 handle. The overall price action is bearish, which is why any recoveries above $0.1555 and $0.1600 may be limited in the near term.
Hourly MACD – The MACD for ADA/USD is moving strongly in the bearish zone.
Hourly RSI – The RSI for ADA/USD has reached the oversold zone with bearish signs.
Major Support Level – $0.1500
Major Resistance Level – $0.1560
