Key Highlights
- ADA price declined heavily and broke the $0.0320 and $0.0300 support levels against the US Dollar (tethered).
- There are two bearish trend lines formed with resistance at $0.0320 and $0.0350 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair could correct higher in the short term, but upsides remain capped near $0.0320 and $0.0310.
Cardano price is under heavy selling pressure against the US Dollar and Bitcoin. ADA/USD may continue to decline and it could test the $0.0260 support.
Cardano Price Analysis
There were continuous declines from the $0.0360 swing high in cardano price against the US Dollar. The ADA/USD pair declined heavily and broke the $0.0320 and $0.0300 support levels. There was even a close below $0.0300 and the price is now well below the 100 hourly simple moving average. A new multi month low was formed at $0.0288 and the price is currently placed heavily in the bearish zone.
An initial resistance is near the 23.6% Fibonacci retracement level of the recent decline from the $0.0355 high to $0.0288 low. However, the main resistance is near the $0.03200 level. It coincides with the 50% Fibonacci retracement level of the recent decline from the $0.0355 high to $0.0288 low. Moreover, there are two bearish trend lines formed with resistance at $0.0320 and $0.0350 on the hourly chart of the ADA/USD pair. Therefore, if the price corrects higher from the current levels, it could face sellers near the $0.0320 or $0.0350 level. On the downside, the recent low at $0.0288 is a short term support. If there are more losses, the price may test the $0.0260 level.
The chart indicates that ADA price is clearly in a major downtrend below $0.0350. Only a daily close above $0.0320 and $0.0350 may push the price back in a positive zone.
Hourly MACD – The MACD for ADA/USD is still in the bearish zone.
Hourly RSI – The RSI for ADA/USD is placed well below the 30 level.
Major Support Level – $0.0288
Major Resistance Level – $0.0350
