Key Highlights
- ADA price is struggling to recover and it recently declined below the $0.3200 level against the US Dollar (tethered).
- There is a major declining channel forming with resistance at $0.3205 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is currently correcting higher, but it may face a lot of resistance near $0.3250 and $0.3500 in the near term.
Cardano price declined further against the US Dollar and Bitcoin. ADA/USD is currently trading well below the $0.3500 level and in a bearish zone.
Cardano Price Decline
There was no major recovery in ADA price above the $0.3600 level against the US Dollar. The price did not move above the $0.4000 resistance and declined once again. During the recent slide, it broke the $0.3500 and $0.3300 support levels. It even traded below $0.3200 to test the $0.3000 area. A low was formed at $0.2995, and the price is currently consolidating losses around the $0.3000 level.
It is testing the 23.6% Fib retracement level of the last drop from the $0.3866 high to $0.2995 low. It seems like the price may find it hard to break the $0.3200 and $0.3300 resistance levels in the short term. There is also a major declining channel forming with resistance at $0.3205 on the hourly chart of the ADA/USD pair. The channel resistance at $0.3205 is near the 23.6% Fib level. If there is a break above $0.3205, the price may correct further higher. The next major resistance is near $0.3430 and the 50% Fib retracement level of the last drop from the $0.3866 high to $0.2995 low.
On the downside, the $0.3000 level is a major support. If the price fails to stay above $0.3000, it could even trade back towards the $0.2500 level in the near term.
Hourly MACD – The MACD for ADA/USD is slowly recovering and is showing positive signs.
Hourly RSI – The RSI for ADA/USD is moving higher towards the 45-50 levels.
Major Support Level – $0.3000
Major Resistance Level – $0.3500
Charts courtesy – Cryptowat, Bittrex
