Cardano (ADA) Price Analysis: Downtrend Intact Below $0.8

Cardano Price Analysis

Cardano (ADA) Price Analysis: Downtrend Intact Below $0.8

ADA price started a steady decline from the $0.80 resistance against the US Dollar.
The price is now trading below $0.70 and the 55 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $0.655 on the 4-hours chart (data feed via Bitfinex).
The price could continue to move down if it fails to recover above the $0.655 resistance zone.

Cardano price is declining below $0.70 against the US Dollar, similar to bitcoin. ADA price could start a steady increase if it clears $0.655 and $0.70.
Cardano Price Analysis
This week, cardano price saw a fresh decline from the $0.80 resistance zone against the US Dollar. The ADA/USD pair traded below the $0.75 and $0.65 support levels to move into a bearish zone.
The price settled below $0.65 and the 55 simple moving average (4-hours). It even spiked below the $0.600 level and traded as low as 0.5849. The price is now correcting losses and trading above the $0.600 level. On the upside, an immediate resistance is near the $0.640 level.
The first major resistance is near the $0.650 level. There is also a major bearish trend line forming with resistance near $0.655 on the 4-hours chart. The trend line is near the 23.6% Fib retracement level of the recent decline from the $0.905 swing high to $0.584 low.
A clear upside break above the $0.655 level might send the price towards the $0.70 resistance. The next key resistance might be near the $0.7450 level. It is near the 50% Fib retracement level of the recent decline from the $0.905 swing high to $0.584 low.
Any more gains could start a steady increase towards the $0.80 level in the near term. On the downside, an immediate support is near the $0.600 level.
The next major support is near the $0.580 level. If there are additional losses, the price may perhaps decline towards the $0.550 support level. A break below $0.550 could push the price towards the $0.500 level.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $0.70 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to recover above the $0.655 resistance zone.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is slowly losing pace in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now below the 40 level.
Key Support Levels – $0.600 and $0.580.
Key Resistance Levels – $0.655 and $0.700.

Tags: ADA, Cardano

Leave a Reply

Your email address will not be published.

New Brokers
2.8 rating
Buy & sell Crypto in minutes
3.0 rating
Note: Investing involves risks. You can lose your deposit. We advise you to only invest in financial products which match your knowledge and experience.
2.0 rating
Interactive Brokers attracts active traders with low per-share pricing, an advanced trading platform.
4.3 rating
eToro is the world’s leading social trading platform, with thousands of options for traders and investors.
AdonFinance
Risk Warning: The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by AdonFinance. In addition, the content of the website offers no opinion with respect to the suitability of any security or any specific investment. Trading foreign exchange, stocks, cryptocurrencies and commodities is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment with any broker you need to carefully consider your targets, previous experience, and risk level. Forex trading can result in the loss of your money, as a result, you are expressly cautioned that you should never invest or trade with money that you cannot afford to lose. For the avoidance of doubt, AdonFinance's service provides Brokers reviews in the Financial market. AdonFinance, its subsidiaries, agents or affiliates will assume no responsibility whatsoever for your trading activity. © Copyright 2021 AdonFinance