Key Highlights ADA price remains in a major downtrend below the $0.2000 and $0.2200 resistance levels against the US Dollar (tethered). There was a break below a major declining channel with support at $0.1820 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair remains at a risk of more declines as long as it is below $0.2100 in the near term.
Cardano price is under huge selling pressure against the US Dollar and Bitcoin. ADA/USD is likely to accelerate declines below $0.1750.
Cardano Price Analysis
There was a key consolidation above the $0.1900 support level in ADA price against the US Dollar. The price traded in a range for many sessions with a bullish angle towards $0.2100. However, the price was not able to gain momentum above the $0.2050 and $0.2100 resistance levels. Moreover, there was also no close above $0.2100 and the 100 hourly simple moving average.
As a result, there was a sharp downside move from $0.2050. Sellers took control and pushed the price below the $0.2000 and $0.1900 support levels. Moreover, there was a break below a major declining channel with support at $0.1820 on the hourly chart of the ADA/USD pair. The pair declined and traded close to the $0.1750 level. A low was formed at $0.1782 with an initial resistance near the 23.6% Fib retracement level of the last decline from the $0.2045 high to $0.1782 low. Above the $0.1850 level, there are many hurdles for buyers near $0.1950.
The chart indicates that if the price corrects higher, the $0.1950 level and the 100 hourly SMA are likely to prevent gains. A close above $0.2000 is needed to decrease the current selling pressure. On the downside, a break below the $0.1750 support level is very likely.
Hourly MACD – The MACD for ADA/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ADA/USD has almost reached the oversold levels.
Major Support Level – $0.1750
Major Resistance Level – $0.2000
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