- ADA price fell sharply and traded below the $0.0700 and $0.065 supports against the US Dollar (tethered).
- There is a key bearish trend line formed with resistance at $0.0640 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is likely to decline once again if sellers push the price below the $0.0620 support.
Cardano price tumbled recently against the US Dollar and Bitcoin. ADA/USD is currently recovering, but upsides are capped near $0.0640 and $0.0675.
Cardano Price Analysis
In the last analysis, we discussed the chances of more losses below $0.0720 in cardano price against the US Dollar. There was a sharp decline in bitcoin and Ethereum recently, which pushed the ADA/USD pair below $0.0700. The price tumbled and broke many supports like $0.0650 and $0.0620. There was even a break below $0.0600 and the price settled below the 100 hourly simple moving average.
The price traded as low as $0.0580 and later started an upside correction. It moved above the $0.0600 level and the $0.0620 pivot level. There was also a break above the 23.6% Fibonacci retracement level of the recent decline from the $0.0774 high to $0.0580 low. However, the upside move was capped by the $0.0650 resistance. Moreover, there is a key bearish trend line formed with resistance at $0.0640 on the hourly chart of the ADA/USD pair. Above the trend line and $0.0650, the next major resistance is near $0.0675. It represents the 50% Fibonacci retracement level of the recent decline from the $0.0774 high to $0.0580 low.
The chart indicates that ADA price recovered nicely from the $0.0580 low. However, the price is currently facing a lot of hurdles near $0.0640 and $0.0650. If buyers fail to push the price above $0.0650 or $0.0675, there could be a fresh decline below $0.0620 and $0.0600.
Hourly MACD – The MACD for ADA/USD is about to move back in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently just below the 50 level.
Major Support Level – $0.0620
Major Resistance Level – $0.0650
Author: Aayush Jindal