ADA price started a major decline from well above .20 against the US Dollar. The price is now trading below .00 and the 55 simple moving average (4-hours). There was a break below a major bullish trend line with support near .00 on the 4-hours chart (data feed via Bitfinex). The price might extend its decline below the .92 support zone in the near term. Cardano price is gaining pace below .00 against the US Dollar, unlike bitcoin. ADA price must stay above .92 to avoid more losses in the coming sessions. Cardano Price Analysis After forming a base above .00, cardano price started a fresh increase against the US Dollar. The ADA/USD pair gained pace for a move above the .20 level and the 55 simple moving average (4-hours). The price struggled to clear
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- ADA price started a major decline from well above $2.20 against the US Dollar.
- The price is now trading below $2.00 and the 55 simple moving average (4-hours).
- There was a break below a major bullish trend line with support near $2.00 on the 4-hours chart (data feed via Bitfinex).
- The price might extend its decline below the $1.92 support zone in the near term.
Cardano price is gaining pace below $2.00 against the US Dollar, unlike bitcoin. ADA price must stay above $1.92 to avoid more losses in the coming sessions.
Cardano Price Analysis
After forming a base above $2.00, cardano price started a fresh increase against the US Dollar. The ADA/USD pair gained pace for a move above the $2.20 level and the 55 simple moving average (4-hours).
The price struggled to clear the $2.40 resistance zone. A high was formed near $2.38 before there was a fresh decline. The bears gained strength for a move below the $2.20 support zone. Besides, there was a break below a major bullish trend line with support near $2.00 on the 4-hours chart.
The price traded below the $2.00 support zone and the 55 simple moving average (4-hours). The price traded as low as $1.915, and it is now consolidating losses. On the upside, an initial hurdle is near the $1.96 level. It is near the 23.6% Fib retracement level of the downward move from the $2.09 swing high to $1.915 low.
The first key resistance is near the $2.00 level. It is close to the 50% Fib retracement level of the downward move from the $2.09 swing high to $1.915 low. The main resistance is forming near $2.08 and the 55 SMA.
If there is an upside break above the $2.08 zone, the price could rally above $2.10. The next major resistance could be near the $2.20 level. On the downside, an immediate support is near the $1.92 level.
The first major support is near $1.90. Any more losses might lead the price towards the $1.80 level. A close below the $1.80 level might spark more downsides. The next support is near $1.65, below which the bears could gain strength in the near term.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $2.00 and the 55 simple moving average (4-hours). Overall, the price might extend its decline below the $1.92 support zone in the near term.
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 well below the 50 level.
Key Support Levels – $1.90 and $1.80.
Key Resistance Levels – $2.08 and $2.10.