Cardano Price Analysis: ADA/USD Remains in Downtrend

Key Highlights

  • ADA price struggled to move above the $0.1400 resistance level and declined against the US Dollar (tethered).
  • There are two key bearish trend lines formed with resistance at $0.1300 and $0.1350 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to extend the current slide below the $0.1250 support level in the near term.

Cardano price struggled to hold gains against the US Dollar and Bitcoin. ADA/USD is now in a bearish trend with supports at $0.1200 and $0.1100.

Cardano Price Analysis

There was no upside break above $0.1500 in ADA price against the US Dollar. The ADA/USD pair even failed to settle above the $0.1400 resistance level. As a result, there was a downside reaction and the price declined below the $0.1300 support area. It is now trading well below the $0.1400 pivot level and the 100 hourly simple moving average.

During the recent slide, the price broke the 61.8% Fib retracement level of the last wave from the $0.1197 low to $0.1388 high. It has opened the doors for more losses and the price is now at a risk of further slides below $0.1250. The next supports on the downside are seen near $0.1200. Below this, the price may perhaps test the $0.1100 level. On the upside, there are many resistances below the $0.1400 level. More importantly, there are two key bearish trend lines formed with resistance at $0.1300 and $0.1350 on the hourly chart of the ADA/USD pair.

The chart indicates that the price is likely to face a lot of sellers on the upside between $0.1300 and $0.1400. Only a successful close above $0.1400 might stop the current slide. If not, the price will most likely extend declines towards the $0.1100 level.

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

Hourly RSI – The RSI for ADA/USD is now well below the 50 level with bearish signs.

Major Support Level – $0.1200

Major Resistance Level – $0.1350

The post Cardano Price Analysis: ADA/USD Remains in Downtrend appeared first on NewsBTC.