Cardano Price Technical Analysis – ADA/USD Tumbles Below $0.20


Key Highlights

  • ADA price declined further and it even failed to hold the $0.20 support against the US Dollar (tethered).
  • There is a crucial bearish trend line forming with resistance at $0.2100 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair will most likely remain in a bearish zone and it could even break the $0.1850 support.

Cardano price is under a lot of bearish pressure against the US Dollar and Bitcoin. ADA/USD could accelerate declines and it may even break $0.1850.

Cardano Price Slide

There were continuous losses from the $0.2800 swing high in ADA price against the US Dollar. A minor upside correction was initiated recently, but gains were capped by the $0.2400 level. The price started a fresh decline and moved below the $0.2200 and $0.2000 support levels. The recent break below $0.2000 is a crucial bearish sign and suggests that there could be more losses in the near term.

The current price action is very bearish below the $0.2500 level and the 100 hourly simple moving average. A low was formed at $0.1850 today, and it seems like sellers could even break it. On the upside, an initial hurdle for buyers is near the 23.6% Fib retracement level of the latest drop from the $0.2443 high to $0.1850 low. There is also a crucial bearish trend line forming with resistance at $0.2100 on the hourly chart of the ADA/USD pair. The pair may even face sellers near the 38.2% Fib retracement level of the latest drop from the $0.2443 high to $0.1850 low.

Cardano Price Technical Analysis XRP USD

The overall bias is very bearish and a break below $0.1850 could trigger further declines in ADA in the near term. The next major support is at $0.1500.

Hourly MACD – The MACD for ADA/USD is gaining pace in the bearish zone.

Hourly RSI – The RSI for ADA/USD is currently moving further lower in the oversold zone.

Major Support Level – $0.1500

Major Resistance Level – $0.2100

 

Charts courtesy – Trading View

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.



Source link

Comments (No)

Leave a Reply

There is something wrong with the server