ADA price declined below .12 and .10 against the US Dollar. The price is now trading below .10 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near .095 on the 4-hours chart (data feed via Bitfinex). The price could start a steady upward move if there is a clear break above the .10 resistance. Cardano price is struggling below .20 against the US Dollar, unlike bitcoin. ADA price could start another increase if it surpasses .10 and .12. Cardano Price Analysis This week, cardano price saw a fresh decline from well above the .20 zone against the US Dollar. The ADA/USD pair broke the .15 and .12 support levels to move into a bearish zone. There was a close below the .10 level and the 55 simple
Topics:
Aayush Jindal considers the following as important: ADA, Altcoin News, Cardano, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes OSL Strengthens Partnership with Solomon JFZ Ahead of Hong Kong ETF Launch
Temitope Olatunji writes Japanese Metaplanet’s Purchase of Bitcoin Worth .25M Signals Growing Corporate Adoption
Godfrey Benjamin writes Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
Steve Muchoki writes BNY Mellon Invests in Spot Bitcoin ETFs from BlackRock and Grayscale
- ADA price declined below $1.12 and $1.10 against the US Dollar.
- The price is now trading below $1.10 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $1.095 on the 4-hours chart (data feed via Bitfinex).
- The price could start a steady upward move if there is a clear break above the $1.10 resistance.
Cardano price is struggling below $1.20 against the US Dollar, unlike bitcoin. ADA price could start another increase if it surpasses $1.10 and $1.12.
Cardano Price Analysis
This week, cardano price saw a fresh decline from well above the $1.20 zone against the US Dollar. The ADA/USD pair broke the $1.15 and $1.12 support levels to move into a bearish zone.
There was a close below the $1.10 level and the 55 simple moving average (4-hours). Finally, the price dipped below $1.05 and traded as low as $1.018. It is now recovering losses and trading above $1.05. There was a test of the 23.6% Fib retracement level of the recent drop from the $1.261 high to $1.018 low.
ADA is now trading below $1.10 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $1.095 level. The next key resistance is near the $1.10 level.
There is also a key bearish trend line forming with resistance near $1.095 on the 4-hours chart. The next major resistance sits near the $1.12 level or the 50% Fib retracement level of the recent drop from the $1.261 high to $1.018 low
A clear break above the $1.12 resistance could pump the price towards the $1.20 level. Any more gains could push the price towards the $1.25 level.
On the downside, an immediate support is near the $1.05 level. The first major support is near $1.02. Any more losses might lead the price towards the $0.95 level. A break below $0.95 could push the price towards the $0.88 level, where the bulls may perhaps take a stand.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $1.10 and the 55 simple moving average (4-hours). Overall, the price could start a steady upward move if there is a clear break above the $1.10 resistance.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is slowly gaining pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $1.05 and $1.02.
Key Resistance Levels – $1.10 and $1.12.