Cardano Price Analysis: ADA/USD Could Drop Towards $0.070

Aayush Jindal

Last Updated: June 11, 2024 1:32 pm

2 mins read

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Key Highlights

ADA price failed to move above the $0.0770 and $0.0800 resistance levels against the US Dollar (tethered).
There is a crucial bearish trend line in place with resistance at $0.0755 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair is currently at a risk of a downside break below the $0.0740 support in the near term.

Cardano price is under pressure against the US Dollar and Bitcoin. ADA/USD is likely to slide further towards the $0.0720 and $0.0700 support levels.

Cardano Price Analysis

During the past few days, cardano price made many attempts to rally above the $0.0800 resistance against the US Dollar. The ADA/USD pair struggled to clear $0.0800 and it recently declined. The price formed a decent support near the $0.0740 level and later recovered. However, the $0.0770 level acted as a strong resistance and pushed the price down again.

At the moment, the price is trading near the $0.0740 support with a bearish angle. An initial resistance is the 23.6% Fibonacci retracement level of the recent decline from the $0.0770 high to $0.0742 low. More importantly, there is a crucial bearish trend line in place with resistance at $0.0755 on the hourly chart of the ADA/USD pair. The same trend line is near the 50% Fibonacci retracement level of the recent decline from the $0.0770 high to $0.0742 low. Above the trend line, the 100 hourly simple moving average is positioned at $0.0760. Therefore, a proper break above the $0.0755 and $0.0760 resistance levels is needed for an upward move.

The chart indicates that ADA price is currently at a risk of a downside break below the $0.0740 support. If sellers succeed, the price may perhaps slide towards the $0.0720 or $0.0700 support in the near term.

Hourly MACD – The MACD for ADA/USD is placed heavily in the bearish zone.

Hourly RSI – The RSI for ADA/USD is currently well below the 50 level.

Major Support Level – $0.0740

Major Resistance Level – $0.0760

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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