- ADA price started a steady decline from the $1.00 resistance against the US Dollar.
- The price is now trading below $0.90 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.900 on the 4-hours chart (data feed via Bitfinex).
- The price could continue to move down if it fails to recover above the $0.900 resistance zone.
Cardano price is declining below $0.90 against the US Dollar, similar to bitcoin. ADA price could start a steady increase if it clears $0.90 and $0.918.
Cardano Price Analysis
This week, cardano price saw a fresh decline from the $1.00 resistance zone against the US Dollar. The ADA/USD pair traded below the $0.92 and $0.90 support levels to move into a bearish zone.
The price even settled below $0.90 and the 55 simple moving average (4-hours). It even spiked below the $0.850 level and traded as low as 0.827. The price is now correcting losses and trading above the $0.850 level. There was a move above the 23.6% Fib retracement level of the recent decline from the $0.975 swing high to $0.827 low.
On the upside, an immediate resistance is near the $0.90 level. There is also a major bearish trend line forming with resistance near $0.900 on the 4-hours chart.
The trend line is near the 50% Fib retracement level of the recent decline from the $0.975 swing high to $0.827 low. The next key resistance might be near the $0.918 level and the 55 simple moving average (4-hours). A clear upside break above the $0.918 level might send the price towards the $1.00 resistance.
The next key resistance might be near the $1.10 level. Any more gains could start a steady increase towards the $1.15 level in the near term.
On the downside, an immediate support is near the $0.865 level. The next major support is near the $0.850 level. If there are additional losses, the price may perhaps decline towards the $0.78 support level. A break below $0.78 could push the price towards the $0.75 level.
The chart indicates that ADA price is now trading below $0.90 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to recover above the $0.900 resistance zone.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $0.865 and $0.850.
Key Resistance Levels – $0.90 and $0.918.
