Cardano (ADA) Price Analysis: Primed For More Declines Below $0.0520

Cardano (ADA) Price Analysis: Primed For More Declines Below <img width=.0520" data-lazy-srcset="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?w=1828&ssl=1 1828w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=300%2C142&ssl=1 300w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=768%2C365&ssl=1 768w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=1024%2C486&ssl=1 1024w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=720%2C342&ssl=1 720w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=560%2C266&ssl=1 560w" data-lazy-sizes="(max-width: 1828px) 100vw, 1828px" data-lazy-src="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?fit=1828%2C868&ssl=1&is-pending-load=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" />.0520"1828" height="868" src="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?fit=1828%2C868&ssl=1" class="attachment-full size-full wp-post-image jetpack-lazy-image" alt="" data-lazy-srcset="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?w=1828&ssl=1 1828w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=300%2C142&ssl=1 300w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=768%2C365&ssl=1 768w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=1024%2C486&ssl=1 1024w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=720%2C342&ssl=1 720w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=560%2C266&ssl=1 560w" data-lazy-sizes="(max-width: 1828px) 100vw, 1828px" data-lazy-src="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?fit=1828%2C868&ssl=1&is-pending-load=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" />.0520" data-lazy-srcset="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?w=1828&ssl=1 1828w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=300%2C142&ssl=1 300w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=768%2C365&ssl=1 768w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=1024%2C486&ssl=1 1024w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=720%2C342&ssl=1 720w, https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?resize=560%2C266&ssl=1 560w" data-lazy-sizes="(max-width: 1828px) 100vw, 1828px" data-lazy-src="https://i0.wp.com/sudan4tech.com/wp-content/uploads/2019/08/Cardano-Price.png?fit=1828%2C868&ssl=1&is-pending-load=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" />


  • ADA price started a major declined from the $0.0620 resistance against the US Dollar.
  • The price is now trading well below the $0.0600 and $0.0580 support levels.
  • There was a break below a crucial contracting triangle with support near $0.0581 on the 4-hours chart (data feed via Kraken).
  • The price remains at a risk of more losses below the $0.0520 and $0.0510 support levels.

Cardano price is trading in a downtrend against the US Dollar and bitcoin. ADA price is facing a strong selling pressure and it may soon revisit the $0.0500 support.

Cardano Price Analysis

After struggling near $0.0650, cardano price started a slow and steady decline against the US Dollar. The ADA/USD pair broke many important supports near $0.0620 and $0.0600 to enter a bearish zone. Moreover, there was a close below the $0.0600 support and the 55 simple moving average (4-hours). Finally, there was a break below a crucial contracting triangle with support near $0.0581 on the 4-hours chart.

It opened the doors for more downside below the $0.0580 support. The price even traded below the $0.0550 support and a new weekly low was formed near $0.0526 recently. Currently, the price is consolidating losses above $0.0525. An immediate resistance is near the $0.0550 level. Moreover, the 23.6% Fibonacci retracement level of the recent decline from the $0.0623 high to $0.0526 low is also near the $0.0550 level.

Additionally, there is a connecting bearish trend line forming with resistance near $0.0565 on the same chart. If there is a successful break above the $0.0565 resistance, there could be a decent recovery. The next key resistance is near the $0.0580 level, the 55 simple moving average (4-hours), and the 50% Fibonacci retracement level of the recent decline from the $0.0623 high to $0.0526 low.

Conversely, if the price fails to recover, it could decline below the $0.0525 and $0.0520 support levels. In the mentioned bearish case, the price is likely to surpass the $0.0510 support as well. The main support is near the $0.0500 level, where the bulls may take a stand.

Cardano (ADA) Price Analysis: Primed For More Declines Below <img class=.0520"alignnone size-large wp-image-55290 jetpack-lazy-image" src="https://i0.wp.com/www.livebitcoinnews.com/https://s3.amazonaws.com/lbn-s3/2019/08/Cardano-Price-1100x522.png?resize=1100%2C522&ssl=1" alt="Cardano Price Analysis ADA Chart" width="1100" height="522" data-recalc-dims="1" data-lazy-src="https://i0.wp.com/www.livebitcoinnews.com/https://s3.amazonaws.com/lbn-s3/2019/08/Cardano-Price-1100x522.png?resize=1100%2C522&is-pending-load=1#038;ssl=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7">.0520" width="1100" height="522" data-recalc-dims="1" data-lazy-src="https://i0.wp.com/www.livebitcoinnews.com/https://s3.amazonaws.com/lbn-s3/2019/08/Cardano-Price-1100x522.png?resize=1100%2C522&is-pending-load=1#038;ssl=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7">

The chart indicates that ADA price is clearly trading in a strong downtrend below $0.0550 and $0.0580. As long as the price is below $0.0580, there is a risk of more losses in the near term. On the downside, the most important support is at $0.0500, below which the price could decline significantly.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is currently well below the 30 level, with no major sign of a recovery.

Key Support Levels – $0.0520 and $0.0500.

Key Resistance Levels – $0.0550 and $0.0580.

The post Cardano (ADA) Price Analysis: Primed For More Declines Below $0.0520 appeared first on Live Bitcoin News.



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