ADA price started a sharp decline from the $3.00 zone against the US Dollar.
The price is now trading below $2.60 and the 55 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $2.68 on the 4-hours chart (data feed via Bitfinex).
The price could start another strong decline if it breaks the $2.20 support zone.
Cardano price is facing many hurdles near $2.65 against the US Dollar, similar to bitcoin. ADA price must stay above $2.20 to start a decent recovery wave.
Cardano Price Analysis
After struggling to stay above $3.00, cardano price started a major decline against the US Dollar. The ADA/USD pair broke the $2.80 support to move further into a bearish zone.
The price even broke the $2.50 support level and settled below the 55 simple moving average (4-hours). Finally, there was a spike below the $2.10 level before the price recovered higher. There was a wave above the $2.50 level, but the price failed to surpass the $2.80 level.
The recent high was formed near $2.78 before the price trimmed gains. A low is formed near $2.31 and the price is now consolidating losses.
An immediate resistance is near the $2.55 level. It is near the 50% Fib retracement level of the recent decline from the $2.78 swing high to $2.31 low. The next major resistance is forming near the $2.60 level. There is also a major bearish trend line forming with resistance near $2.68 on the 4-hours chart.
The trend line is close to the 76.4% Fib retracement level of the recent decline from the $2.78 swing high to $2.31 low. If there is an upside break above the $2.68 zone, the price could rally above $2.80.
An immediate support is near the $2.32 level. The main support sits near the $2.20 level. Any more losses might call for a sharp decline to $2.00.
The chart indicates that ADA price is now trading below $2.60 and the 55 simple moving average (4-hours). Overall, the price could start another strong decline if it breaks the $2.20 support zone.
4 hours MACD – The MACD for ADA/USD is still in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now well below the 50 level.
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