Cardano Price Analysis: Cardano (ADA) May Have Found Comfort in the Bearish Zone

Cardano Price Analysis: Cardano (ADA) May Have Found Comfort in the Bearish Zone
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ADA Price Analysis – August 8

Cardano is down by 4.42% over the last 24 hours. The next resistance of the coin may likely reach $0.053 level.

ADA/USD Market

Key Levels:
Resistance levels: $0.065, $0.070, $0.075
Support levels: $0.040, $0.035, $0.030

ADAUSD – Daily Chart

Cardano was reassured in the bear market area. It’s been a few days and the coin has not yet shown any significant strength against the USD. With four price fluctuations, it is down 4.42% as at now. Any upward movement of the ADA coin is unlikely in the near future.

Due to the current market condition, ADA has remained in a bearish movement as the price kept on bleeding heavily which result in a channel break-down as appeared on the chart. The bulls have failed to stop the downtrend movement as the price move towards $0.040 support level. Further low might send price to strong support at $0.035 and $0.030 respectively. Nevertheless, the closest resistance levels are $0.065, $0.070 and $0.075. The past nine days decline has led the Stochastic RSI into the oversold territory.

ADA/BTC Market

Pairing with Bitcoin, the direction of the market is synonymous with the market of the Dollar as ADA followed a break-down that was shown in the descending triangle. Although the price is still unstable; trading at a price level of 427 SAT. A low swing could reach the 223 SAT support level and below, creating a new low for today.

ADABTC – Daily Chart

Once Cardano crosses down the support at 220 SAT, additional support will be created at 200 SAT. Here, a rebound is likely to occur as the bullish sides could strongly defend the level and push it to 640 SAT resistance level. Be that as it may, the bears are gaining ground while they are declining; now slowly in action. The Stochastic RSI is in the oversold area.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.