- ADA price failed to climb above $0.0825 and recently declined below $0.0800 against the US Dollar.
- The price is trading in a bearish zone below the key $0.0800 support area.
- There was a break below an ascending channel with support at $0.0790 on the 4-hours chart (data feed via Kraken).
- The price could decline heavily if it breaks the $0.0755 and $0.0750 support levels in the near term.
Cardano price is currently under a lot of pressure against the US Dollar and bitcoin. ADA remains at a risk of a significant decline if it breaks the $0.0750 support area.
Cardano Price Analysis
Recently, there was a decent recovery in cardano price above the $0.0800 level against the US Dollar. The ADA/USD pair even spiked above the $0.0820 level, but it struggled to continue higher. A swing high was formed at $0.0824 and the price declined recently. It broke the key $0.0800 support area and settled below the 55 simple moving average (4-hours).
Moreover, there was a break below an ascending channel with support at $0.0790 on the 4-hours chart. The pair even broke the $0.0780 support level and traded as low as $0.0758. It is currently consolidating, with an initial resistance near the $0.0780. The 23.6% Fibonacci retracement level of the last decline from the $0.0824 high to $0.0758 low is just below $0.0780.
On the upside, there is a strong resistance forming near the $0.0792 level and the 55 simple moving average (4-hours). The 50% Fibonacci retracement level of the last decline from the $0.0824 high to $0.0758 low is also near the $0.0792 level. However, a successful close above the $0.0800 level is needed for an increase towards the $0.0820 resistance.
If there is a break above the $0.0820 and $0.0825 resistance levels, the price could start a strong recovery. Conversely, if the price fails to climb above $0.0800 or $0.0820, it could decline further. The main supports are near $0.0758, $0.0755 and $0.0750. If there is a downside break below the $0.0750 support, the price could decline heavily in the near term.
The chart indicates that ADA price is currently trading just above the key $0.0758, $0.0755 and $0.0750 support levels. If it fails to recover above $0.0800 and $0.0820, sellers might look for a downside break in the next few sessions. The next main support below $0.0750 could be near the $0.0700 level.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is currently losing momentum in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now well below the 50 level, with a flat structure.
Key Support Levels – $0.0755 and $0.0750.
Key Resistance Levels – $0.0800 and $0.0825.
