ADA price failed to correct above .100 and extended its decline against the US Dollar. The price is now consolidating near the .000 support and well below the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near .100 on the 4-hours chart (data feed via Bitfinex). The price remains at a risk of a sharp decline below the .000 and %excerpt%.9800 support levels. Cardano price is showing bearish signs below .100 against the US Dollar, while bitcoin is stable. ADA price could decline towards %excerpt%.8800 if it fails to recover above .100. Cardano Price Analysis Cardano price followed a bearish path from well above the .300 level against the US Dollar. The ADA/USD pair broke many important supports near .120 and .100 to
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- ADA price failed to correct above $1.100 and extended its decline against the US Dollar.
- The price is now consolidating near the $1.000 support and well below the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $1.100 on the 4-hours chart (data feed via Bitfinex).
- The price remains at a risk of a sharp decline below the $1.000 and $0.9800 support levels.
Cardano price is showing bearish signs below $1.100 against the US Dollar, while bitcoin is stable. ADA price could decline towards $0.8800 if it fails to recover above $1.100.
Cardano Price Analysis
Cardano price followed a bearish path from well above the $1.300 level against the US Dollar. The ADA/USD pair broke many important supports near $1.120 and $1.100 to move into a bearish zone.
The pair even broke the $1.050 support level and settled well below the 55 simple moving average (4-hours). A low is formed near $0.9981 and the price is now consolidating losses. An initial resistance is near the $1.050 level. It is close to the 23.6% Fib retracement level of the downward move from the $1.193 high to $0.9981 low.
On the upside, there is a major resistance forming near the $1.100 level and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $1.100 on the 4-hours chart.
The trend line is near the 50% Fib retracement level of the downward move from the $1.193 high to $0.9981 low. A close above the $1.100 resistance level is must for a fresh increase. The next major resistance sits at $1.200.
Conversely, the price might fail to climb above $1.100. In the stated case, there is a risk of more losses below the $1.000 and $0.9980 support levels. The next main support is near the $0.8800 level, where the bulls might appear.
Cardano (ADA) Price
The chart indicates that ADA price is clearly facing a strong resistance near $1.100 and the 55 simple moving average (4-hours). Overall, the price remains at a risk of a sharp decline below the $1.000 and $0.9800 support levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is showing negative signs in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $1.000 and $0.880.
Key Resistance Levels – $1.100 and $1.200.