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.
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
