Cardano (ADA) Price Analysis: Breaks Key Support, More Losses Possible

  • ADA price started a fresh decline from well above the $0.1000 support against the US Dollar.
  • The price is now trading well below the $0.0920 support and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.0960 on the 4-hours chart (data feed via Kraken).
  • The price is likely to continue lower towards the $0.0850 support or $0.0832 in the near term.

Cardano price is gaining bearish momentum below $0.0950 against the US Dollar, similar to bitcoin. ADA price is likely to decline further as long as it is below $0.0950.

Cardano Price Analysis

Cardano price failed to clear the $0.1000 resistance level and started a fresh decline against the US Dollar. The ADA/USD pair broke the main $0.0950 support level to move into a bearish zone.

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The decline gained pace below the $0.0920 support and the 55 simple moving average (4-hours). The price is now trading below the $0.0900 support and the last swing low at $0.0896. An initial support on the downside is seen near the $0.0872 level.

It is close to the 1.236 Fib extension level of the last upward move from the $0.0896 low to $0.1000 high. The next key support is near the $0.0850 level, below which the bears are likely to aim a test of the $0.0832 level.

The 1.618 Fib extension level of the last upward move from the $0.0896 low to $0.1000 high is near the $0.0832 level to act as a support. If cardano price breaks the $0.0832 support level, there is a risk of more downsides towards the $0.0820 level.

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On the upside, the $0.0900 level is an initial resistance. The first key resistance is near the $0.0930 level. There is also a key bearish trend line forming with resistance near $0.0960 on the 4-hours chart.

An intermediate resistance is near the $0.0950 level. A successful close above the trend line, the 55 simple moving average (4-hours), and $0.0960 is needed for a fresh increase towards the $0.1000 and $0.1200 resistance levels.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is gaining bearish momentum below $0.0920 and $0.0900. Overall, the price is likely to continue lower towards the $0.0850 support or $0.0832 in the near term.

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Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining pace in the bearish zone.

4 hours RSI – The RSI for ADA/USD is currently declining and it is well below the 40 level.

Key Support Levels – $0.0872 and $0.0832.

Key Resistance Levels – $0.0930 and $0.0960.

Tags: ADA, Cardano

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