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Cardano (ADA) Price Analysis: Risk of More Downsides Below $1.05

Summary:
ADA price started a strong decline from well above the .350 level against the US Dollar. The price is now well below the .300 support and the 55 simple moving average (4-hours). There was a break below a key contracting triangle with support near .305 on the 4-hours chart (data feed via Bitfinex). The price is likely to continue lower below the .100 and .050 support levels. Cardano price is declining and trading well below .200 against the US Dollar, similar to bitcoin. ADA price could decline heavily if it fails to stay above .050. Cardano Price Analysis After forming a base above the .250 level, cardano price started a strong increase against the US Dollar. The ADA/USD pair broke many hurdles near .300 and .400 levels. It even spiked above

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  • ADA price started a strong decline from well above the $1.350 level against the US Dollar.
  • The price is now well below the $1.300 support and the 55 simple moving average (4-hours).
  • There was a break below a key contracting triangle with support near $1.305 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to continue lower below the $1.100 and $1.050 support levels.

Cardano price is declining and trading well below $1.200 against the US Dollar, similar to bitcoin. ADA price could decline heavily if it fails to stay above $1.050.

Cardano Price Analysis

After forming a base above the $1.250 level, cardano price started a strong increase against the US Dollar. The ADA/USD pair broke many hurdles near $1.300 and $1.400 levels.

It even spiked above $1.500, but it failed to clear the $1.560. A high was formed near $1.560 and there was a sharp decline in the past few sessions. The price broke many supports near the $1.450 and $1.300 levels. There was also a break below a key contracting triangle with support near $1.305 on the 4-hours chart.

It is currently trading well below $1.300 and the 55 simple moving average (4-hours). It tested the $1.050 support and started a recovery wave. It climbed above the $1.150 and $1.220 levels.

There was a break above the 23.6% Fib retracement level of the downward move from the $1.560 high to $1.056 low. However, the price is facing a strong resistance near the $1.300 and $1.308 levels. It failed to clear the 55 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $1.560 high to $1.056 low is also acting as a resistance.

It is sliding again and trading below $1.250. An immediate support is near the $1.100 level. The main support is near the $1.050 level. If there is a clear break below the $1.050 support, there is a risk of a sharp decline in the coming sessions.

Conversely, the price might start a fresh increase above the $1.250 resistance zone. The next key resistance is near the $1.308 level.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is clearly struggling below the $1.300 and $1.250 levels. Overall, the price is likely to continue lower below the $1.100 and $1.050 support levels.

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 well below the 50 level.

Key Support Levels – $1.100 and $1.050.

Key Resistance Levels – $1.250 and $1.300.

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