31.3 C
New York

Cardano (ADA) Price Analysis: Recovery Could Face Hurdles

Date:

  • ADA price declined below $0.90 and $0.85 against the US Dollar.
  • The price is now trading below $0.90 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.820 on the 4-hours chart (data feed via Bitfinex).
  • The price could start a recovery wave if there is a move above $0.820 and $0.832.

Cardano price is struggling below $0.90 against the US Dollar, similar to bitcoin. ADA price could start a recovery wave if there is a move above the $0.82 resistance.

Cardano Price Analysis

This week, cardano price saw a fresh decline from well above the $0.92 zone against the US Dollar. The ADA/USD pair broke the $0.90 and $0.88 support levels to move into a bearish zone.

There was a close below the $0.88 level and the 55 simple moving average (4-hours). Finally, the price dipped below $0.80 and traded as low as $0.778. It is now consolidating losses and trading near $0.815. An immediate resistance on the upside is near the $0.820 level.

There is also a key bearish trend line forming with resistance near $0.820 on the 4-hours chart. The first key resistance might be near the $0.832 level. It is near the 23.6% Fib retracement level of the recent drop from the $1.011 high to $0.778 low.

Any more gains might send the price towards the $0.880 resistance and the 55 simple moving average (4-hours). It is near the 50% Fib retracement level of the recent drop from the $1.011 high to $0.778 low. To start a major increase, the price must settle above $0.880 and $0.900.

On the downside, an immediate support is near the $0.800 level. The first major support is near $0.780. Any more losses might lead the price towards the $0.75 level. A break below $0.75 could push the price towards the $0.65 level.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.90 and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if there is a move above $0.820 and $0.832.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is now below the 50 level.

Key Support Levels – $0.80 and $0.78.

Key Resistance Levels – $0.832 and $0.880.

Tags: ADA, Cardano

Related articles

spot_img

Recent articles

spot_img