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Key Highlights
- ADA price failed to move above the $0.1700 level and declined sharply against the US Dollar (tethered).
- There is a major contracting triangle in place with support near $0.1560 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is at a risk of more losses below the $0.1560 and $0.1540 levels in the near term.
Cardano price is struggling to hold important supports against the US Dollar and Bitcoin. ADA/USD must stay above $0.1560 to recover above $0.1600.
Cardano Price Analysis
Recently, ADA price managed to move above the $0.1600 level against the US Dollar. The ADA/USD pair traded towards the $0.1700 level where it faced a strong selling interest. As a result, there was a downside reaction and the price declined back below the $0.1620 support. There was also a close below the 100 hourly simple moving average and the $0.1600 support.
The price almost tested the last swing low of $0.1560 and is currently struggling to hold the stated support. It seems like there is a major contracting triangle in place with support near $0.1560 on the hourly chart of the ADA/USD pair. Should the pair fails to hold the $0.1560 support, there could be a downside break towards $0.1540 and $0.1520. However, the most important support sits near the $0.1505 level. On the other hand, if the price recovers from the current levels and moves past $0.1600, it could face sellers near the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last decline from the $0.1705 high to $0.1569 low at $0.1640 is the next hurdle.
The chart indicates the price is at a risk of more losses if sellers push ADA below $0.1560. On the upside, $0.1600, $0.1620 and $0.1640 levels are important resistances.
Hourly MACD – The MACD for ADA/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ADA/USD is now well below the 50 level.
Major Support Level – $0.1560
Major Resistance Level – $0.1620
