Cardano Price Analysis: ADA/USD Sliding Towards $0.070

Key Highlights

  • ADA price remains in a downtrend, with a solid resistance near the $0.0745 level against the US Dollar (tethered).
  • There is an important bearish trend line formed with resistance at $0.0740 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to struggle to clear the $0.0740 and $0.0745 resistances in the near term.

Cardano price extended losses against the US Dollar and Bitcoin. ADA/USD remains at a risk of more losses towards the $0.0700 level.

Cardano Price Analysis

After forming a high near the $0.0770 level, cardano price started a downside move against the US Dollar. The ADA/USD pair declined and broke the $0.0750 and $0.0740 support levels. There was also a close below the $0.0750 level and the 100 hourly simple moving average. The decline was such that the price broke the $0.0742 support as well and traded as low as $0.0729 recently.

It is currently consolidating losses above $0.0730. An initial resistance is near the $0.0740 level and the 23.6% Fibonacci retracement level of the last decline from the $0.0770 high to $0.0729 low. There is also an important bearish trend line formed with resistance at $0.0740 on the hourly chart of the ADA/USD pair. Above the trend line, the 100 hourly SMA is positioned near $0.0742. Therefore, a break above the $0.0740 and $0.0742 resistances won’t be easy. Above the 100 hourly SMA, the price could recover towards the $0.0754 and the 61.8% Fibonacci retracement level of the last decline from the $0.0770 high to $0.0729 low.

The chart indicates that ADA price is clearly following a bearish structure below $0.0750. If there is a downside break below the recent low, the price might clear the $0.0720 support. The next main support for buyers is near the $0.0700 level.

Hourly MACD – The MACD for ADA/USD is slowly moving in the bullish zone.

Hourly RSI – The RSI for ADA/USD is just near the 50 level.

Major Support Level – $0.0720

Major Resistance Level – $0.0742

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