Cardano Price Analysis: ADA/USD Could Correct Towards $0.075

Key Highlights

  • ADA price traded above the $0.0800 resistance before correcting lower against the US Dollar (tethered).
  • There was a break below a major bullish trend line with support at $0.0785 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair remains at a risk of more declines below the $0.0770 and $0.0760 levels in the near term.

Cardano price is currently correcting lower against the US Dollar and Bitcoin. ADA/USD could slide towards $0.0750 if sellers remain in action in the coming sessions.

Cardano Price Analysis

In the last analysis, we discussed that cardano price could climb higher towards the $0.0800 level against the US Dollar. The ADA/USD pair did gain pace and it not only tested the $0.0800 level, but buyers pushed the price towards $0.0820. A high was formed at $0.0821 and settled above the 100 hourly simple moving average. Later, there was a downside correction and the price declined below $0.0800.

During the slide, there was a break below a major bullish trend line with support at $0.0785 on the hourly chart of the ADA/USD pair. The price also declined below $0.0790 and the 100 hourly simple moving average. It traded as low as $0.0766 and is currently correcting higher. An initial resistance is 23.6% Fibonacci retracement level of the last decline from the $0.0821 high to $0.0766 low. However, there is also a major bearish trend line with resistance at $0.0780 on the same chart. Therefore, an upside break above $0.0780 may push the price back above the $0.0800 level.

The chart indicates that ADA price is at a risk of a downside break towards the $0.0750 support. If sellers remain in action, the price may perhaps slide further towards the $0.0737 support area.

Hourly MACD – The MACD for ADA/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ADA/USD is moving higher and it could settle above the 50 level.

Major Support Level – $0.0750

Major Resistance Level – $0.0780

Author: Aayush Jindal

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