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Cardano (ADA) Price Analysis: More Downsides Likely Towards $1

Summary:
ADA price started a fresh decline after it failed to surpass .30 against the US Dollar. The price is now trading well below .20 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near .15 on the 4-hours chart (data feed via Bitfinex). The price is likely to continue lower below the .10 support level in the near term. Cardano price is trading in a negative zone below .20 against the US Dollar, similar to bitcoin. ADA price could continue to move down towards the .00 support. Cardano Price Analysis In the past few days, cardano price saw a lot of bearish moves below the .50 and .40 levels against the US Dollar. The ADA/USD pair even broke the .30 support zone and the 55 simple moving average

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  • ADA price started a fresh decline after it failed to surpass $1.30 against the US Dollar.
  • The price is now trading well below $1.20 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $1.15 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to continue lower below the $1.10 support level in the near term.

Cardano price is trading in a negative zone below $1.20 against the US Dollar, similar to bitcoin. ADA price could continue to move down towards the $1.00 support.

Cardano Price Analysis

In the past few days, cardano price saw a lot of bearish moves below the $1.50 and $1.40 levels against the US Dollar. The ADA/USD pair even broke the $1.30 support zone and the 55 simple moving average (4-hours).

The recent decline gained pace below the $1.20 support zone. The bears seem to be in control and the price traded as low as $1.077. The current price action suggests high chances of more downsides below $1.08.

An immediate support is near the $1.05 level. The main support is near the $1.00 level. If there is a break below $1.00, the bears are likely to gain further strength. In the stated case, the price may possibly spike towards the $0.80 level in the near term.

An immediate resistance on the upside is near the $1.12 level. It is near the 23.6% Fib retracement level of the recent decline from the $1.22 high to $1.07 low.

The first major resistance is now near the $1.15 level. There is also a key bearish trend line forming with resistance near $1.15 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the recent decline from the $1.22 high to $1.07 low.

A clear close above the $1.15 level could spark a decent increase. The next major resistance is near the $1.20 level.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is clearly trading well below $1.20 and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower towards the $1.00 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 – $1.05 and $1.00.

Key Resistance Levels – $1.15 and $1.20.

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