HomeAltcoin NewsCardano (ADA) Price Analysis: Key Breakout With Hurdle Near $0.82

Cardano (ADA) Price Analysis: Key Breakout With Hurdle Near $0.82

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  • ADA price declined below $0.85 and $0.82 against the US Dollar.
  • The price is now trading below $0.82 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.800 on the 4-hours chart (data feed via Bitfinex).
  • The price could start a recovery wave if there is a move above $0.820 and $0.833.

Cardano price is struggling below $0.85 against the US Dollar, similar to bitcoin. ADA price could start a recovery wave if there is a move above the $0.833 resistance.

Cardano Price Analysis

This week, cardano price saw a fresh decline from well above the $0.85 zone against the US Dollar. The ADA/USD pair broke the $0.82 and $0.80 support levels to move into a bearish zone.

There was a close below the $0.82 level and the 55 simple moving average (4-hours). Finally, the price dipped below $0.80 and traded as low as $0.778. It is now consolidating losses and trading near $0.790. An immediate resistance on the upside is near the $0.800 level.

There is also a key bearish trend line forming with resistance near $0.800 on the 4-hours chart. The first key resistance might be near the $0.833 level. It is near the 23.6% Fib retracement level of the downward move from the $1.011 high to $0.778 low.

A clear upside break above the $0.833 level might send the price towards the $0.850 resistance. The next key resistance might be near the $0.890 level.

The 50% Fib retracement level of the downward move from the $1.011 high to $0.778 low is also near $0.890. Any more gains could start a steady increase towards $0.95. On the downside, an immediate support is near the $0.780 level.

The first major support is near $0.750. Any more losses might lead the price towards the $0.72 level. A break below $0.72 could push the price towards the $0.65 level.

Cardano Price
Cardano Price

The chart indicates that ADA price is now trading below $0.82 and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if there is a move above $0.820 and $0.833.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now losing pace in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now below the 50 level.

Key Support Levels – $0.78 and $0.75.

Key Resistance Levels – $0.833 and $0.850.

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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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