Cardano Price Analysis: ADA/USD Could Accelerate Below $0.070 ByAayush JindalPRO INVESTOR Updated: 14 August 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Key Highlights ADA price declined further and traded below the $0.0700 support area against the US Dollar (tethered). There was a break below a contracting triangle with support at $0.0725 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is under pressure and it could accelerate declines below $0.0700 in the near term. Cardano price remains in a downtrend against the US Dollar and Bitcoin. ADA/USD could continue to move down towards the $0.0650 level if sellers remain in action. Cardano Price Analysis In the last analysis, we discussed that cardano price could slide towards the $0.0700 level against the US Dollar. The ADA/USD pair did trade lower and not only tested the $0.0700 level, but surpassed it. The pair traded as low as $0.0691 and it is currently consolidating losses. During the decline, there was a break below the key support near $0.0700 and the 100 hourly simple moving average. More importantly, there was a break below a contracting triangle with support at $0.0725 on the hourly chart of the ADA/USD pair. An initial resistance is the 23.6% Fibonacci retracement level of the recent decline from the $0.0753 high to $0.0691 low. If there is an upside move above the $0.0700 level, the broken support at $0.0720 and the 100 hourly SMA could stop upsides. Moreover, the 50% Fibonacci retracement level of the recent decline from the $0.0753 high to $0.0691 low is near $0.0722 to prevent gains. Therefore, any major recovery from the current levels could face sellers near $0.0720 or $0.0725. The chart indicates that ADA price is at a risk of more declines as long as it is below $0.0725 and the 100 hourly SMA. If there is a downside break below the recent low, the price may accelerate towards the $0.0670 or $0.0650 level. Hourly MACD – The MACD for ADA/USD is about to move back in the bearish zone. Hourly RSI – The RSI for ADA/USD is well below the 50 level. Major Support Level – $0.0690 Major Resistance Level – $0.0725 The post Cardano Price Analysis: ADA/USD Could Accelerate Below $0.070 appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage