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Cardano (ADA) Price Analysis: Risk of More Downsides Below $1.4

Summary:
ADA price started a fresh decline after it failed to surpass .0 against the US Dollar. The price is now trading well below the .65 zone and the 55 simple moving average (4-hours). There was a break below a key bullish trend line with support near .68 on the 4-hours chart (data feed via Bitfinex). The price is declining and it could even slide further below .40 in the coming sessions. Cardano price is struggling to hold gains above .50 against the US Dollar, similar to bitcoin. ADA price remains at a risk of a sharp decline towards the .20 support level. Cardano Price Analysis This past week, cardano price made an attempt to clear the .90 and .00 resistance levels against the US Dollar. The ADA/USD pair failed to continue higher above .90 and started

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  • ADA price started a fresh decline after it failed to surpass $2.0 against the US Dollar.
  • The price is now trading well below the $1.65 zone and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $1.68 on the 4-hours chart (data feed via Bitfinex).
  • The price is declining and it could even slide further below $1.40 in the coming sessions.

Cardano price is struggling to hold gains above $1.50 against the US Dollar, similar to bitcoin. ADA price remains at a risk of a sharp decline towards the $1.20 support level.

Cardano Price Analysis

This past week, cardano price made an attempt to clear the $1.90 and $2.00 resistance levels against the US Dollar. The ADA/USD pair failed to continue higher above $1.90 and started a fresh decline.

A high was formed near $1.89 before there was a drop below $1.80. There was a break below a key bullish trend line with support near $1.68 on the 4-hours chart. The pair declined below the $1.65 support level and settled well below the 55 simple moving average (4-hours).

The bears pushed the price below the 61.8% Fib retracement level of the upward move from the $1.33 swing low to $1.89 high. The price is now struggling to stay above the $1.50 support zone.

The next key support is near the $1.47 level. It is close to the 76.4% Fib retracement level of the upward move from the $1.33 swing low to $1.89 high. A clear break below $1.47 could set the pace for more losses towards the $1.35 support. The next major support could be near the $1.20 level, where the bulls are likely to take a strong stand.

An immediate resistance on the upside is near the $1.60 level. The next major resistance is near the $1.65 level and the 55 simple moving average (4-hours). A clear break above the $1.65 level could open the doors for a steady increase.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is clearly trading well below $1.650 support and the 55 simple moving average (4-hours). Overall, the price is declining and it could even slide further below $1.40 in the coming sessions.

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 – $1.47 and $1.35.

Key Resistance Levels – $1.65 and $1.80.

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