Search Inside Bitcoins

Cardano Price Analysis: ADA/USD At Risk of More Declines Below $0.16

 

Key Highlights

  • ADA price declined recently and traded near a key support at $0.1600 against the US Dollar (tethered).
  • There is a major bearish trend line in place with resistance at $0.1720 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair remains at a risk of more declines below the $0.1600 support in the near term.

Cardano price declined recently against the US Dollar and Bitcoin. ADA/USD must stay above the $0.1600 support to avoid an extended decline to $0.1500.

Cardano Price Analysis

There were a couple of attempts by cardano price to clear the $0.1780-0.1800 resistance against the US Dollar. The ADA/USD pair failed to gain traction and formed swing highs near $0.1800, $0.1780 and $0.1750. It moved down and broke a short-term support at $0.1700. There was even a close below the $0.1680 level and the 100 hourly simple moving average.

However, the downside move stalled near the $0.1600 support. The price is currently consolidating above the $0.1600 support with a few bearish signs. On the upside, an initial resistance is near the 50% Fib retracement level of the last decline from the $0.1755 high to $0.1601 low. Above this, there is a major bearish trend line in place with resistance at $0.1720 on the hourly chart of the ADA/USD pair. The trend line resistance is close to the 76.4% Fib retracement level of the last decline from the $0.1755 high to $0.1601 low. Moreover, the 100 hourly simple moving average is also near $0.1710.

Cardano Price Analysis ADA USD

The chart indicates that the price may correct higher towards the $0.1700 and $0.1720 resistance levels. However, a break above $0.1720 resistance won’t be easy. On the downside, a break below the $0.1600 support may perhaps push the price further lower towards the $0.1500 level.

Hourly MACD – The MACD for ADA/USD is currently reducing its bearish slope.

Hourly RSI – The RSI for ADA/USD is moving lower towards the 30 level.

Major Support Level – $0.1600

Major Resistance Level – $0.1720

 

The post Cardano Price Analysis: ADA/USD At Risk of More Declines Below $0.16 appeared first on NewsBTC.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close