Key Highlights
- ADA price made an upside move, but it failed to break the $0.3000 resistance against the US Dollar (tethered).
- There was a false break above a key bearish trend line with resistance at $0.2950 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair may decline one more time and it could retest the $0.2840 support in the near term.
Cardano price is struggling a lot to gain momentum against the US Dollar and Bitcoin. ADA/USD failed to break $0.3000 recently and it could retest the $0.2840 support.
Cardano Price Decline
Recently, there was a support base formed near $0.2840 in ADA price against the US Dollar. The price attempted to settle below the $0.2840 level on many occasions, but it failed. As a result, there was a minor upside move above $0.2900. It traded above the 23.6% Fib retracement level of the last decline from the $0.3348 high to $0.2822 low. There was also a break above the $0.2950 resistance and a close above the 100 hourly simple moving average.
However, the price failed to break the $0.3000 resistance. Moreover, there was a false break above a key bearish trend line with resistance at $0.2950 on the hourly chart of the ADA/USD pair. The pair is now back below the trend line, $0.2950 and the 100 hourly SMA. It seems like the pair was rejected from the $0.3000 level and the 38.2% Fib retracement level of the last decline from the $0.3348 high to $0.2822 low. It is currently trading near $0.9000, and it may continue to move down. However, the $0.2840 level is a major support and it won’t be easy for sellers to pierce it.
In the short-term, there could be more ranging moves above the $0.2840 level in the near term.
Hourly MACD – The MACD for ADA/USD is once again in the bearish zone.
Hourly RSI – The RSI for ADA/USD has just moved below the 50 level.
Major Support Level – $0.2840
Major Resistance Level – $0.3000
Charts courtesy – Trading View
