Cardano Price Technical Analysis – ADA/USD Tumbles Below $0.20
ADA price declined further and it even failed to hold the $0.20 support against the US Dollar (tethered).
There is a crucial bearish trend line forming with resistance at $0.2100 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair will most likely remain in a bearish zone and it could even break the $0.1850 support.
Cardano price is under a lot of bearish pressure against the US Dollar and Bitcoin. ADA/USD could accelerate declines and it may even break $0.1850.
Cardano Price Slide
There were continuous losses from the $0.2800 swing high in ADA price against the US Dollar. A minor upside correction was initiated recently, but gains were capped by the $0.2400 level. The price started a fresh decline and moved below the $0.2200 and $0.2000 support levels. The recent break below $0.2000 is a crucial bearish sign and suggests that there could be more losses in the near term.
The current price action is very bearish below the $0.2500 level and the 100 hourly simple moving average. A low was formed at $0.1850 today, and it seems like sellers could even break it. On the upside, an initial hurdle for buyers is near the 23.6% Fib retracement level of the latest drop from the $0.2443 high to $0.1850 low. There is also a crucial bearish trend line forming with resistance at $0.2100 on the hourly chart of the ADA/USD pair. The pair may even face sellers near the 38.2% Fib retracement level of the latest drop from the $0.2443 high to $0.1850 low.
The overall bias is very bearish and a break below $0.1850 could trigger further declines in ADA in the near term. The next major support is at $0.1500.
Hourly MACD – The MACD for ADA/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently moving further lower in the oversold zone.
Major Support Level – $0.1500
Major Resistance Level – $0.2100
Charts courtesy – Trading View