Cardano Price Analysis: ADA/USD Likely To Extend Losses To $0.072

Key Highlights

  • ADA price failed to hold the $0.0820 support and declined recently against the US Dollar (tethered).
  • There is a key bearish trend line in place with resistance at $0.0830 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to remain under pressure and it could extend declines towards the $0.0720 support.

Cardano price struggled to gain bullish momentum against the US Dollar and Bitcoin. ADA/USD broke a key support and it is likely to retest the $0.0720 support.

Cardano Price Analysis

After failing to break the $0.0880 resistance, cardano price started a downside move against the US Dollar. The ADA/USD pair declined recently and broke the $0.0850 support level. Later, there was a break and close below the $0.0820 support and the 100 hourly simple moving average. The price traded towards the $0.0780 level and formed a new intraday low at $0.0784.

At the moment, the price is correcting higher and is testing the 23.6% Fibonacci retracement level of the last decline from the $0.0871 high to $0.0784 low. It may correct a few more points towards the $0.0820 level in the near term, which is likely to act as a resistance. Additionally, the 50% Fibonacci retracement level of the last decline from the $0.0871 high to $0.0784 low is positioned at $0.0827. More importantly, there is a key bearish trend line in place with resistance at $0.0830 on the hourly chart of the ADA/USD pair.

The chart indicates that ADA price settled below the key $0.0820 support. If sellers remain in action, there could be more declines towards the $0.0770 support. Below this, the next major support is at $0.0720. To recover, the price has to move above the $0.0820 and the trend line resistance.

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

Hourly RSI – The RSI for ADA/USD is currently well below the 40 level.

Major Support Level – $0.0720

Major Resistance Level – $0.0830

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