Cardano (ADA) Price Analysis: Significant Downtrend Below $0.060

Cardano (ADA) Price Analysis: Significant Downtrend Below <img width=.060" srcset="https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2.png 1828w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-300x142.png 300w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-768x365.png 768w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-1024x486.png 1024w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-720x342.png 720w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-560x266.png 560w" sizes="(max-width: 1828px) 100vw, 1828px" />.060"1828" height="868" src="https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2.png" class="attachment-full size-full wp-post-image" alt="" srcset="https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2.png 1828w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-300x142.png 300w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-768x365.png 768w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-1024x486.png 1024w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-720x342.png 720w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-560x266.png 560w" sizes="(max-width: 1828px) 100vw, 1828px" />.060" srcset="https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2.png 1828w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-300x142.png 300w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-768x365.png 768w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-1024x486.png 1024w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-720x342.png 720w, https://sudan4tech.com/wp-content/uploads/2019/07/Cardano-Price-2-560x266.png 560w" sizes="(max-width: 1828px) 100vw, 1828px" />


  • ADA price remained in a strong downtrend and broke the $0.0600 support area against the US Dollar.
  • The price declined heavily and broke the $0.0550 and $0.0520 support levels.
  • There is a major declining channel forming with resistance near $0.0568 on the 4-hours chart (data feed via Kraken).
  • The price remains in a downtrend and it could continue to move down below $0.0520.

Cardano price is trading with a bearish bias against the US Dollar and bitcoin. ADA recently tested the $0.0500 support area and it remains at a risk of more losses.

Cardano Price Analysis

After cardano price failed to climb above $0.0850, it declined heavily against the US Dollar. The ADA/USD pair broke the $0.0700 and $0.0650 support levels to register nasty losses. Moreover, there was a break below the $0.0630 support level and the 55 simple moving average (4-hours). Finally, the price broke $0.0600 and tested the $0.0500 level. A new monthly low was formed at $0.0498 and the price is currently correcting higher.

An initial resistance is near the $0.0549 level plus the 23.6% Fibonacci retracement level of the last decline from the $0.0712 high to $0.0498 low. Moreover, there is a major declining channel forming with resistance near $0.0568 on the 4-hours chart. Above the channel resistance, the next key resistance is near the $0.0600 level. The 50% Fibonacci retracement level of the last decline from the $0.0712 high to $0.0498 low is also near the $0.0605 level.

The main resistance is near the $0.0630 level, which was a major support earlier. A successful close above the $0.0600 and $0.0630 levels is needed for a fresh increase in cardano in the near term. The next key resistance above $0.0630 is near the $0.0762 level.  If the price fails to climb above $0.0568 or $0.0600, it could start a fresh decline.

An immediate support is near the $0.0510 level, below which the price may break the $0.0498 swing low. The next stop for the bears may be near the $0.0480 level in the near term.

Cardano (ADA) Price Analysis: Significant Downtrend Below <img class=.060"alignnone size-large wp-image-54971" src="https://www.livebitcoinnews.com/https://s3.amazonaws.com/lbn-s3/2019/07/Cardano-Price-2-1100x522.png" alt="Cardano Price Analysis ADA Chart" width="1100" height="522" />.060" width="1100" height="522" />

The chart indicates that ADA price is currently trading in a significant downtrend below the $0.0600 resistance level. In the short term, there could be an upside correction, but the price is likely to struggle near $0.0600 or $0.0630. If the bulls fail to gain momentum, the price is likely to slide towards or below $0.0500 in the coming days.

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 currently correcting higher towards the 40 level, with a positive angle.

Key Support Levels – $0.0510 and $0.0500.

Key Resistance Levels – $0.0568 and $0.0600.

The post Cardano (ADA) Price Analysis: Significant Downtrend Below $0.060 appeared first on Live Bitcoin News.



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