Key Highlights
- ADA price failed to move above the .2800 resistance and declined against the US Dollar (tethered).
- There was a break below an important bullish trend line with support at .2650 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair remains at a risk of more losses towards the .2300 and .2200 support levels.
Cardano price declined substantially against the US Dollar and Bitcoin. ADA/USD is likely to decline further towards the next major support at .2200.
Cardano Price Analysis
There was no upside break above the .2800 and .2820 resistance levels in ADA price against the US Dollar. The price started a downside move and declined below the .2700 and .2600 support levels. There was also a break below the 61.8% Fib retracement level of the last wave from the .2330 low to .2840 high. It opened the doors for more declines and the price settled below .2600.
The most important move was a break below an important bullish trend line with support at .2650 on the hourly chart of the ADA/USD pair. The pair is now trading well below the .2500 level and the 100 hourly simple moving average. It traded as low as .2383 low and is currently consolidating losses. On the upside, an initial resistance is close to the 23.6% Fib retracement level of the last drop from the .2763 high to .2383 low. However, the most important hurdle is near .2600 and the 100 hourly SMA.
The chart indicates that 50% Fib retracement level of the last drop from the .2763 high to .2383 low is also likely to act as a resistance near .2580. On the downside, a break below the .2380 level may push the price towards the .2300 and .2200 support levels in the near term.
Hourly MACD – The MACD for ADA/USD is currently in the bearish zone.
Hourly RSI – The RSI for ADA/USD is in the oversold levels.
Major Support Level – .2200
Major Resistance Level – .2600
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