Cardano Price Analysis: ADA/USD Could Drop Towards $0.070

Key Highlights

  • ADA price failed to move above the $0.0770 and $0.0800 resistance levels against the US Dollar (tethered).
  • There is a crucial bearish trend line in place with resistance at $0.0755 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is currently at a risk of a downside break below the $0.0740 support in the near term.

Cardano price is under pressure against the US Dollar and Bitcoin. ADA/USD is likely to slide further towards the $0.0720 and $0.0700 support levels.

Cardano Price Analysis

During the past few days, cardano price made many attempts to rally above the $0.0800 resistance against the US Dollar. The ADA/USD pair struggled to clear $0.0800 and it recently declined. The price formed a decent support near the $0.0740 level and later recovered. However, the $0.0770 level acted as a strong resistance and pushed the price down again.

At the moment, the price is trading near the $0.0740 support with a bearish angle. An initial resistance is the 23.6% Fibonacci retracement level of the recent decline from the $0.0770 high to $0.0742 low. More importantly, there is a crucial bearish trend line in place with resistance at $0.0755 on the hourly chart of the ADA/USD pair. The same trend line is near the 50% Fibonacci retracement level of the recent decline from the $0.0770 high to $0.0742 low. Above the trend line, the 100 hourly simple moving average is positioned at $0.0760. Therefore, a proper break above the $0.0755 and $0.0760 resistance levels is needed for an upward move.

The chart indicates that ADA price is currently at a risk of a downside break below the $0.0740 support. If sellers succeed, the price may perhaps slide towards the $0.0720 or $0.0700 support in the near term.

Hourly MACD – The MACD for ADA/USD is placed heavily in the bearish zone.

Hourly RSI – The RSI for ADA/USD is currently well below the 50 level.

Major Support Level – $0.0740

Major Resistance Level – $0.0760

The post Cardano Price Analysis: ADA/USD Could Drop Towards $0.070 appeared first on NewsBTC.