Key Highlights
- ADA price declined heavily and traded as low as $0.0844 against the US Dollar (tethered).
- This week’s highlighted significant bearish trend line is still active with resistance near $0.1100 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is currently correcting higher, but it is likely to face sellers near the $0.1000 and $0.1100 levels.
Cardano price declined heavily against the US Dollar and Bitcoin. ADA/USD is rebounding, but there are many hurdles on the upside near $0.1000.
Cardano Price Analysis
In one of the previous analyses, we discussed that cardano price could drop towards the $0.1000 level against the US Dollar. The ADA/USD pair did move down sharply and broke the $0.1000 support area. It even traded below the $0.090 level and formed a low at $0.0844. Later, the price started an upside correction and moved above the $0.0900 resistance. It also broke the 23.6% Fib retracement level of the last decline from the $0.1146 high to $0.0844 low.
However, the price is now heading towards a crucial resistance near $0.1000, which was a support earlier. Moreover, the 50% Fib retracement level of the last decline from the $0.1146 high to $0.0844 low is positioned near the $0.1000 level to act as a hurdle. Above $0.1000, this week’s highlighted significant bearish trend line is still active with resistance near $0.1100 on the hourly chart of the ADA/USD pair. Therefore, there are clearly many resistances on the upside near the $0.1000 and $0.1100 levels. A break above this last could open the doors for a push towards the $0.1250 level in the near term.
The chart indicates that ADA price has likely completed a correction wave near $0.1000. It could decline once again back towards the $0.0900 level in the short term.
Hourly MACD – The MACD for ADA/USD is placed in the bullish zone.
Hourly RSI – The RSI for ADA/USD is moving lower towards the 50 level.
Major Support Level – $0.0900
Major Resistance Level – $0.1100
