Cardano Price Technical Analysis – ADA/USD to Decline Further
ADA price remained in a bearish zone and it recently broke the $0.2840 support against the US Dollar (tethered).
There is a major bearish trend line forming with resistance at $0.2780 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair may correct a few points in the short term, but it remains sell on rallies around $0.2800.
Cardano price is placed in the bearish zone against the US Dollar and Bitcoin. ADA/USD is likely to decline further with supports on the downside at $0.2710 and $0.2600.
Cardano Price Downtrend
There was no respite for buyers as there was no upside move above $0.3000 in ADA price against the US Dollar. The price remained in a bearish zone and settled below the $0.3000 level. It recently faced an increased selling pressure and broke a crucial support at $0.2840. It opened the doors for more losses and the price moved below $0.2800 and also settled below the 100 hourly simple moving average.
The recent low formed was $0.2710 from where the price started a minor upside correction. An initial resistance on the upside is around the 23.6% Fib retracement level of the last drop from the $0.2990 high to $0.2710 low. There is also a major bearish trend line forming with resistance at $0.2780 on the hourly chart of the ADA/USD pair. However, the most important resistance is around the $0.2840 level. It coincides with the 50% Fib retracement level of the last drop from the $0.2990 high to $0.2710 low.
Therefore, if the price corrects higher from the current levels, it may face sellers near $0.2840. On the downside, a break below the recent low of $0.2710 may push the price towards the $0.2600 level.
Hourly MACD – The MACD for ADA/USD is placed well into the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently around the 40 level.
Major Support Level – $0.2600
Major Resistance Level – $0.2840
Charts courtesy – Trading View