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Key Highlights
- ADA price is under heavy pressure and it could soon break the $0.0740 support against the US Dollar (tethered).
- There is a key bearish trend line formed with resistance at $0.0780 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is currently moving lower and it may soon break the $0.0735 swing low.
Cardano price is trading with bearish moves against the US Dollar and Bitcoin. ADA/USD may continue to move down towards the $0.0700 and $0.0650 levels.
Cardano Price Analysis
This past week, we saw a bearish reaction below the $0.0900 and $0.0800 levels in cardano price against the US Dollar. The ADA/USD pair traded towards the $0.0720 level and formed a low at $0.0735. Recently, it started a minor upside correction and traded above the $0.0800 level. There was also a break above the 23.6% Fibonacci retracement level of the last decline from the $0.0898 high to $0.0735 low.
However, the upside move was capped by the $0.0810 level. It seems like the price failed to clear the 50% Fibonacci retracement level of the last decline from the $0.0898 high to $0.0735 low. Moreover, there is a key bearish trend line formed with resistance at $0.0780 on the hourly chart of the ADA/USD pair. Should the price break the trend line, it could face a strong resistance near the $0.0815 level and the 100 hourly simple moving average. A successful close above $0.0815 resistance and the 100 hourly may well the doors for a recovery to $0.0900.
The chart indicates that ADA price is in a declining mode below the $0.0815 level. If sellers remain in control, the price is likely to break the $0.0735 low and the $0.0720 support. The next key support below $0.0720 is near the $0.0650.
Hourly MACD – The MACD for ADA/USD is mostly in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently well below the 50 level.
Major Support Level – $0.0735
Major Resistance Level – $0.0815
