Cardano Price Technical Analysis – ADA/USD Remains at Risk

Key Highlights

  • ADA price failed to move above the $0.3330 resistance and declined against the US Dollar (tethered).
  • There was a break below a major bullish trend line with support at $0.3200 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • On the upside, there is a connecting bearish trend line forming with resistance at $0.3060 on the same chart.

Cardano price is facing a lot of sell offers against the US Dollar and Bitcoin. ADA/USD remains at a risk of more losses below the $0.2850 support level.

Cardano Price Upside Hurdle

There was a minor upside move above the $0.3200 level this week in ADA price against the US Dollar. The price traded above the $0.3300 level, but it could move above the $0.3335 resistance level. The stated $0.3330 zone acted as a resistance on many occasions, and it prevented further upsides on more time. A fresh downside move was initiated and the price declined below $0.3200 and the 100 hourly simple moving average.

During the downside move, there was a break below a major bullish trend line with support at $0.3200 on the hourly chart of the ADA/USD pair. The pair traded as low as $0.2827 and it is currently consolidating. The current wave is below the 50% Fib retracement level of the last upside from the $0.2827 low to $0.3130 high. However, the $0.2900 and $0.2800 levels are acting as supports. On the upside, there is a connecting bearish trend line forming with resistance at $0.3060.

As long as the price is below the $0.3100 level, it remains at a risk of more declines. Below $0.2800, the price may move towards the $0.2500 level. On the upside, above $0.3100, the price could retest the all-important $0.3335 resistance.

Hourly MACD – The MACD for ADA/USD is back in the bearish zone.

Hourly RSI – The RSI for ADA/USD is just below the 50 level.

Major Support Level – $0.2900

Major Resistance Level – $0.3100

 

Charts courtesy – Trading View

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