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HomeAltcoin NewsCardano (ADA) Price Analysis: More Losses Likely Below $0.07

Cardano (ADA) Price Analysis: More Losses Likely Below $0.07

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  • ADA price is down over 5% and it broke the key $0.0900 support zone against the US Dollar.
  • The price is now trading well below $0.0860 and the 55 simple moving average (4-hours).
  • There was a break below a key declining channel with support near $0.0855 on the 4-hours chart (data feed via Kraken).
  • The price is likely to face hurdles near $0.0850 and $0.0900 if there is an upside correction.

Cardano price is currently declining and trading well below $0.0900 against the US Dollar, similar to bitcoin. ADA price is likely to continue lower as long as it is below $0.0900.

Cardano Price Analysis

After facing a strong selling interest near $0.0980, cardano price started a steady decline against the US Dollar. The ADA/USD pair broke many key supports near $0.0950 and $0.0900 to move into a bearish zone.

The decline gained pace after there was a break below a key declining channel with support near $0.0855 on the 4-hours chart. The price is now trading well below $0.0860 and the 55 simple moving average (4-hours).

A new weekly low is formed near $0.0770 and the price is currently correcting higher. It is trading near the 23.6% Fibonacci retracement level of the recent decline from the $0.0945 high to $0.0770 low. An immediate resistance for the bulls is near the $0.0850 level.

The previous hurdle near the $0.0850 and $0.0860 levels could stop gains. The 50% Fibonacci retracement level of the recent decline from the $0.0945 high to $0.0770 low is also near the $0.0860 level.

The main resistance for the bulls is near the $0.0900 level and the 55 simple moving average (4-hours). A successful close above the $0.0900 level is must to start a fresh upward move towards $0.0980.

Conversely, the price might continue to move down below $0.0800 and $0.0770. The next major support is near the $0.0750 level. The main support is near the $0.0720 level, below which the bears are likely to aim a test of the $0.0680 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is clearly currently trading in a bearish zone above the $0.0850 support level and the 55 simple moving average (4-hours). Overall, the price is likely to face hurdles near $0.0850 and $0.0900 if there is an upside correction.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is slowly moving back into the bullish zone.

4 hours RSI – The RSI for ADA/USD is correcting higher and moving towards the 40 level.

Key Support Levels – $0.0770 and $0.0720.

Key Resistance Levels – $0.0860 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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