HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Facing An Uphill Task Near $0.08

Cardano (ADA) Price Analysis: Bulls Facing An Uphill Task Near $0.08

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  • ADA price started a steady decline from the $0.0900 resistance zone against the US Dollar.
  • The price tested the $0.0700 support area and it is currently correcting higher.
  • There is a major bearish trend line forming with resistance near $0.0800 on the 4-hours chart (data feed via Kraken).
  • The price must clear the $0.0800 resistance and the 55 simple moving average (4-hours) for a fresh increase.

Cardano price is facing a couple of key hurdles against the US Dollar and bitcoin. ADA price might start a strong upward move if it clears the $0.0800 resistance zone.

Cardano Price Analysis

Earlier this week, cardano price started a major increase from the $0.0900 resistance zone against the US Dollar. The ADA/USD pair declined steadily below the $0.0800 support and the 55 simple moving average (4-hours).

The price traded to a new monthly low at $0.0689 before starting an upside correction. There was a decent recovery wave above the $0.0750 resistance zone, but the price is facing a major hurdle near the $0.0800 level.

There is also a major bearish trend line forming with resistance near $0.0800 on the 4-hours chart. The recent high was formed near $0.0804 and the price is currently consolidating gains. It is testing the 23.6% Fibonacci retracement level of the upward move from the $0.0689 low to $0.0804 high.

On the downside, there is a key support forming near the $0.0750 level. The 50% Fibonacci retracement level of the upward move from the $0.0689 low to $0.0804 high is also near the $0.0750 zone and it might act as a major buy zone.

If there are more losses below $0.0750, cardano price could accelerate lower towards the $0.0720 and $0.0700 support levels in the near term.

Conversely, the price could break the trend line resistance at $0.0800 to start a steady rise. The next key resistance could be near the $0.0820 level, above which the bulls are likely to aim a retest of the main $0.0900 resistance zone. Any further gains could lead the price towards the $0.0950 level.

Cardano Price
Cardano Price

The chart indicates that ADA price is trading near a major resistance at $0.0800. It could either start a strong rally towards $0.0900 or resume its decline below the $0.0750 support zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is currently fading in the bullish zone.

4 hours RSI – The RSI for ADA/USD is currently just above the 50 level.

Key Support Levels – $0.0750 and $0.0720.

Key Resistance Levels – $0.0800 and $0.0900.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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