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Cardano (ADA) Price Analysis: Bears Aim Retest of $1.20

Summary:
ADA price started a fresh decline after it failed to surpass .50 against the US Dollar. The price is now trading well below .35 and the 55 simple moving average (4-hours). There was a break below a key rising channel with support near .38 on the 4-hours chart (data feed via Bitfinex). The price is likely to continue lower below the .25 support level in the near term. Cardano price is trading in a negative zone below .35 against the US Dollar, similar to bitcoin. ADA price could continue to move down if it break the .25 support. Cardano Price Analysis This past week, cardano price saw a decent increase above the .35 resistance against the US Dollar. The ADA/USD pair even broke the .40 resistance zone and the 55 simple moving average (4-hours). However,

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  • ADA price started a fresh decline after it failed to surpass $1.50 against the US Dollar.
  • The price is now trading well below $1.35 and the 55 simple moving average (4-hours).
  • There was a break below a key rising channel with support near $1.38 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to continue lower below the $1.25 support level in the near term.

Cardano price is trading in a negative zone below $1.35 against the US Dollar, similar to bitcoin. ADA price could continue to move down if it break the $1.25 support.

Cardano Price Analysis

This past week, cardano price saw a decent increase above the $1.35 resistance against the US Dollar. The ADA/USD pair even broke the $1.40 resistance zone and the 55 simple moving average (4-hours).

However, the bulls struggled to clear the $1.50 resistance. It traded as high as $1.49 and it recently started a fresh decline. There was a break below the $1.42 and $1.40 support levels. The price traded below the 50% Fib retracement level of the upward move from the $1.28 low to $1.50 swing high.

There was also a break below a key rising channel with support near $1.38 on the 4-hours chart. It is now trading well below $1.35 and the 55 simple moving average (4-hours).

An immediate support on the downside is near the $1.27 level. It is close to the 76.4% Fib retracement level of the upward move from the $1.28 low to $1.50 swing high. The next major support is near the $1.25 level. Any more losses is likely to lead the price towards the $1.20 level.

An immediate resistance on the upside is near the $1.35 level. The first major resistance is now near the $1.37 level and the 55 SMA. A clear close above the $1.37 level could spark a decent increase. The next major resistance is near the $1.50 level.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is clearly trading well below $1.35 and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower below the $1.25 support level in the near term.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining pace in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now below the 50 level.

Key Support Levels – $1.25 and $1.20.

Key Resistance Levels – $1.37 and $1.50.

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