Analysis

Cardano Price Analysis: ADA/USD Could Extend Declines To $0.072

Key Highlights

  • ADA price failed to stay above the $ 0.0760 support and extended losses against the US Dollar (tethered).
  • There was a break below a key bullish trend line with support at $ 0.0760 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair may perhaps continue to move down towards the $ 0.0730 or $ 0.0720 support.

Cardano price is slowly moving lower against the US Dollar and Bitcoin. ADA/USD could accelerate declines towards the $ 0.0720 support in the near term.

Cardano Price Analysis

Recently, cardano price settled below the $ 0.0800 support level against the US Dollar. It resulted in a fresh decline and the ADA/USD pair declined below the $ 0.0780 support and the 100 hourly simple moving average. During the decline, the price traded below the 50% Fibonacci retracement level of the last major wave from the $ 0.0703 low to $ 0.0820 high.

More importantly, there was a break below a key bullish trend line with support at $ 0.0760 on the hourly chart of the ADA/USD pair. The pair settled below the $ 0.0760 support, which is a short term bearish sign. The next support is near the $ 0.0730 level. It represents the 76.4% Fibonacci retracement level of the last major wave from the $ 0.0703 low to $ 0.0820 high. Below $ 0.0730, the price will most likely decline towards the $ 0.0720 support area. If there is an upside correction, the $ 0.0760 level and the 100 hourly SMA are likely to act as hurdles. Above the $ 0.0760 resistance, the price may resume its upward move.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price moved into a short term bearish zone below the $ 0.0760 support and the 100 hourly SMA. If buyers struggle to push the price back above $ 0.0760 and $ 0.0762, there could be more losses towards $ 0.0720.

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

Hourly RSI – The RSI for ADA/USD is currently attempting a recovery from the 30 level.

Major Support Level – $ 0.0720

Major Resistance Level – $ 0.0762

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