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