Cardano Price Analysis: ADA/USD Slides Further, $0.12 Next? ByAayush JindalPRO INVESTOR Updated: 21 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 remained in a downtrend and it declined below the $0.1350 support against the US Dollar (tethered). There is a crucial declining channel in place with resistance at $0.1300 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair may correct a few points higher, but upsides could be capped by $0.1300 and $0.1350. Cardano price fell further against the US Dollar and Bitcoin. ADA/USD is likely to extend the current slide towards the $0.1200 level in the near term. Cardano Price Analysis There were minor recoveries above $0.1400 in cardano price against the US Dollar. However, the ADA/USD pair failed to gain momentum above the $0.1400 level and declined sharply. The price broke the $0.1350 and $0.1300 support levels to move into a bearish zone. The decline was such that the price traded to a new bi-monthly low near the $0.1220 level. At the moment, the price is consolidating above $0.1220 with bearish moves. An initial resistance is near the 23.6% Fib retracement level of the last drop from the $0.1415 high to $0.1223 low. There is also a crucial declining channel in place with resistance at $0.1300 on the hourly chart of the ADA/USD pair. The channel resistance coincides with the 50% Fib retracement level of the last drop from the $0.1415 high to $0.1223 low. Therefore, a proper break above $0.1320 and $0.1350 is needed for a substantial recovery in ADA/USD. Above $0.1350, the price may perhaps test the $0.1400 level. The chart indicates that the price is following a declining structure from the $0.1550 swing high. If it fails to move above the $0.1350 level, it could decline further. A break below the recent low of $0.1223 might call for a push towards $0.1200. Hourly MACD – The MACD for ADA/USD is currently in the bearish zone. Hourly RSI – The RSI for ADA/USD is currently moving lower towards the 30 and 25 levels. Major Support Level – $0.1200 Major Resistance Level – $0.1350 The post Cardano Price Analysis: ADA/USD Slides Further, $0.12 Next? appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage
