- ADA price declined below the $0.1240 support and tested the $0.1150 level against the US Dollar (tethered).
- There was a break below a major bullish trend line with support at $0.1288 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair may correct a few points, but it could face selling interest near the $0.1220 and $0.1240 levels.
Cardano price extended declines against the US Dollar and Bitcoin. ADA/USD is now well below $0.1240 and it may well accelerate losses towards $0.1000.
Cardano Price Analysis
There was a minor recovery above $0.1300 recently in cardano price against the US Dollar. The ADA/USD pair traded above the $0.3200 level, but it failed to clear the $0.1350 resistance. As a result, there was a sharp downside move and the price broke the $0.1300 support. More importantly, there was a break below the $0.1240 support and the price settled below the 100 hourly simple moving average.
During the slide, there was also a break below a major bullish trend line with support at $0.1288 on the hourly chart of the ADA/USD pair. The pair even broke the $0.1200 support and formed a new weekly low at $0.1154. At the moment, the price is correcting higher towards $0.1200. It is testing the 23.6% Fib retracement level of the last decline from the 0.1328 high to $0.1154 low. It may perhaps move above the $0.1200 level, but it could face selling interest near the $0.1220 and $0.1240 levels. Only a close above $0.12400 may possibly push the price back in a positive zone.
The chart indicates that ADA price is positioned for more losses below the $0.1150 level. The next important support on the downside is at $0.1000, which could be a solid buy zone.
Hourly MACD – The MACD for ADA/USD is currently placed in the bearish zone.
Hourly RSI – The RSI for ADA/USD is recovering from the oversold levels.
Major Support Level – $0.1150
Major Resistance Level – $0.1240
Author: Aayush Jindal