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Cardano (ADA) Price Analysis: Risk of Fresh Decline Below $1.5

Summary:
ADA price is trading in a bearish zone below the .70 and .60 resistance levels against the US Dollar. The price is now trading below .60 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near .65 on the 4-hours chart (data feed via Bitfinex). The price might start a fresh increase if it manages to clear the .75 resistance zone. Cardano price is struggling below the .75 resistance against the US Dollar, unlike bitcoin. ADA price must clear .75 to start a fresh increase. Cardano Price Analysis After a close below .00, cardano price started another major decline against the US Dollar. The ADA/USD pair traded below the .85 support level to enter a bearish zone. The bears gained strength for a move below

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  • ADA price is trading in a bearish zone below the $1.70 and $1.60 resistance levels against the US Dollar.
  • The price is now trading below $1.60 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $1.65 on the 4-hours chart (data feed via Bitfinex).
  • The price might start a fresh increase if it manages to clear the $1.75 resistance zone.

Cardano price is struggling below the $1.75 resistance against the US Dollar, unlike bitcoin. ADA price must clear $1.75 to start a fresh increase.

Cardano Price Analysis

After a close below $2.00, cardano price started another major decline against the US Dollar. The ADA/USD pair traded below the $1.85 support level to enter a bearish zone.

The bears gained strength for a move below the $1.75 level. The price even traded below the $1.70 level. It is now trading below $1.65 and the 55 simple moving average (4-hours). A low is formed near $1.41 and the price is now consolidating losses.

An immediate resistance on the upside is near the $1.65 level. It is close to the 23.6% Fib retracement level of the downward move from the $1.95 swing high to $1.41 low.

There is also a key bearish trend line forming with resistance near $1.65 on the 4-hours chart. The next major resistance is near the $1.75 level. It is near the 61.8% Fib retracement level of the downward move from the $1.95 swing high to $1.41 low.

A clear break above the trend line resistance and $1.75 could pump the price towards the $2.00 level. Any more gains could push the price towards the $2.20 level.

On the downside, an immediate support is near the $1.55 level. The first major support is near $1.50. Any more losses might lead the price towards the $1.40 level, below which the bears could gain strength in the near term.

Cardano Price

Cardano Price

The chart indicates that ADA price is now trading below $1.75 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if it manages to clear the $1.75 resistance zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is moving in the bearish zone.

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

Key Support Levels – $1.55 and $1.50.

Key Resistance Levels – $1.65 and $1.75.

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