ADA price started a fresh decline from the .30 resistance against the US Dollar. The price is now trading below .25 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near .27 on the 4-hours chart (data feed via Bitfinex). The price might start a fresh increase if there is a clear break above the .25 and .28 levels. Cardano price is struggling below the .30 resistance against the US Dollar, unlike bitcoin. ADA price must clear .25 to start a fresh increase. Cardano Price Analysis This week, cardano price saw a fresh decline from the .30 zone against the US Dollar. The ADA/USD pair traded below the .25 support level to enter a bearish zone. The bears gained strength for a move below the .22 level
Topics:
Aayush Jindal considers the following as important: ADA, Altcoin News, Cardano, News, Trading
This could be interesting, too:
Wayne Jones writes Argentina’s Mining Sector Pioneers Lithium Tokenization by Tapping Cardano
Bilal Hassan writes Morocco to Become First Developing Country with Clear Crypto Regulations
Bilal Hassan writes Cryptopia Liquidators Distribute 0 Million to Victims of 2019 Hack
Bilal Hassan writes Mo Shaikh Steps Down as CEO of Aptos Labs to Start New Chapter
- ADA price started a fresh decline from the $1.30 resistance against the US Dollar.
- The price is now trading below $1.25 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $1.27 on the 4-hours chart (data feed via Bitfinex).
- The price might start a fresh increase if there is a clear break above the $1.25 and $1.28 levels.
Cardano price is struggling below the $1.30 resistance against the US Dollar, unlike bitcoin. ADA price must clear $1.25 to start a fresh increase.
Cardano Price Analysis
This week, cardano price saw a fresh decline from the $1.30 zone against the US Dollar. The ADA/USD pair traded below the $1.25 support level to enter a bearish zone.
The bears gained strength for a move below the $1.22 level and the 55 simple moving average (4-hours). A low was formed near $1.201, and the price is now correcting losses. There was a move above the $1.22 resistance zone.
It is facing resistance near the $1.255 level. It is close to the 50% Fib retracement level of the downward move from the $1.312 swing high to $1.201 low.
The next key resistance is near the $1.280 level. There is also a major bearish trend line forming with resistance near $1.27 on the 4-hours chart. It is close to the 76.4% Fib retracement level of the downward move from the $1.312 swing high to $1.201 low.
A clear break above the $1.280 resistance could pump the price towards the $1.30 level. Any more gains could push the price towards the $1.35 level.
On the downside, an immediate support is near the $1.225 level. The first major support is near $1.22. Any more losses might lead the price towards the $1.20 level, below which the bears could gain strength in the near term. In the stated case, the price could revisit $1.12.
Cardano Price
The chart indicates that ADA price is now trading below $1.30 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if there is a clear break above the $1.25 and $1.28 levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is still moving in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $1.20 and $1.15.
Key Resistance Levels – $1.28 and $1.30.