Cardano (ADA) Price At Risk of Significant Decline

Cardano (ADA) Price At Risk of Significant Decline


  • ADA price failed to climb above $0.0825 and recently declined below $0.0800 against the US Dollar.
  • The price is trading in a bearish zone below the key $0.0800 support area.
  • There was a break below an ascending channel with support at $0.0790 on the 4-hours chart (data feed via Kraken).
  • The price could decline heavily if it breaks the $0.0755 and $0.0750 support levels in the near term.

Cardano price is currently under a lot of pressure against the US Dollar and bitcoin. ADA remains at a risk of a significant decline if it breaks the $0.0750 support area.

Cardano Price Analysis

Recently, there was a decent recovery in cardano price above the $0.0800 level against the US Dollar. The ADA/USD pair even spiked above the $0.0820 level, but it struggled to continue higher. A swing high was formed at $0.0824 and the price declined recently. It broke the key $0.0800 support area and settled below the 55 simple moving average (4-hours).

Moreover, there was a break below an ascending channel with support at $0.0790 on the 4-hours chart. The pair even broke the $0.0780 support level and traded as low as $0.0758. It is currently consolidating, with an initial resistance near the $0.0780. The 23.6% Fibonacci retracement level of the last decline from the $0.0824 high to $0.0758 low is just below $0.0780.

On the upside, there is a strong resistance forming near the $0.0792 level and the 55 simple moving average (4-hours). The 50% Fibonacci retracement level of the last decline from the $0.0824 high to $0.0758 low is also near the $0.0792 level. However, a successful close above the $0.0800 level is needed for an increase towards the $0.0820 resistance.

If there is a break above the $0.0820 and $0.0825 resistance levels, the price could start a strong recovery. Conversely, if the price fails to climb above $0.0800 or $0.0820, it could decline further. The main supports are near $0.0758, $0.0755 and $0.0750. If there is a downside break below the $0.0750 support, the price could decline heavily in the near term.

Cardano (ADA) Price At Risk of Significant Decline

The chart indicates that ADA price is currently trading just above the key $0.0758, $0.0755 and $0.0750 support levels. If it fails to recover above $0.0800 and $0.0820, sellers might look for a downside break in the next few sessions. The next main support below $0.0750 could be near the $0.0700 level.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is now well below the 50 level, with a flat structure.

Key Support Levels – $0.0755 and $0.0750.

Key Resistance Levels – $0.0800 and $0.0825.

The post Cardano (ADA) Price At Risk of Significant Decline appeared first on Live Bitcoin News.



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