- ADA price declined below $1.12 and $1.10 against the US Dollar.
- The price is now trading below $1.10 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $1.095 on the 4-hours chart (data feed via Bitfinex).
- The price could start a steady upward move if there is a clear break above the $1.10 resistance.
Cardano price is struggling below $1.20 against the US Dollar, unlike bitcoin. ADA price could start another increase if it surpasses $1.10 and $1.12.
Cardano Price Analysis
This week, cardano price saw a fresh decline from well above the $1.20 zone against the US Dollar. The ADA/USD pair broke the $1.15 and $1.12 support levels to move into a bearish zone.
There was a close below the $1.10 level and the 55 simple moving average (4-hours). Finally, the price dipped below $1.05 and traded as low as $1.018. It is now recovering losses and trading above $1.05. There was a test of the 23.6% Fib retracement level of the recent drop from the $1.261 high to $1.018 low.
ADA is now trading below $1.10 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $1.095 level. The next key resistance is near the $1.10 level.
There is also a key bearish trend line forming with resistance near $1.095 on the 4-hours chart. The next major resistance sits near the $1.12 level or the 50% Fib retracement level of the recent drop from the $1.261 high to $1.018 low
A clear break above the $1.12 resistance could pump the price towards the $1.20 level. Any more gains could push the price towards the $1.25 level.
On the downside, an immediate support is near the $1.05 level. The first major support is near $1.02. Any more losses might lead the price towards the $0.95 level. A break below $0.95 could push the price towards the $0.88 level, where the bulls may perhaps take a stand.
The chart indicates that ADA price is now trading below $1.10 and the 55 simple moving average (4-hours). Overall, the price could start a steady upward move if there is a clear break above the $1.10 resistance.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is slowly gaining pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $1.05 and $1.02.
Key Resistance Levels – $1.10 and $1.12.
