- 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.
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.
