Cardano price broke a few important supports near $0.0760 to start a significant decline. Bitcoin price recovered recently above $10,500, but it seems like ADA price could continue to slide.
- Cardano price broke the key $0.0760 and $0.0630 support levels in the past few days.
- There is a crucial bearish trend line forming with resistance near $0.0625 on the 4-hours chart.
- ADA could decline further if it continues to struggle near the $0.0600 and $0.0620 resistances.
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Cardano Price Analysis (ADA to USDT)
This past week, cardano price broke the key $0.0760 support level to enter a bearish zone. Later, bitcoin’s decline below the $11,000 support level sparked more losses in ADA below the $0.0700 and $0.0650 support levels.
Click to Enlarge Chart
Looking at the 4-hours chart of ADA/USDT, the pair declined heavily after a successful close below the $0.0760 and $0.0700 support levels. The price even broke the $0.0630 support and the 25 simple moving average (4-hours).
Finally, there was a break below the $0.0600 support and a new multi-week low was formed near the $0.0546 level. Recently, the price started an upside correction above the $0.0575 level.
Moreover, cardano price moved above the 23.6% Fib retracement level of the last major drop from the $0.0714 high to $0.0546 low. However, the bulls struggled to surpass the $0.0600 level and the 25 simple moving average (4-hours).
On the upside, there are a few key hurdles forming near the $0.0620 and $0.0630 levels. There is also a crucial bearish trend line forming with resistance near $0.0625 on the same chart.
Besides, the 50% Fib retracement level of the last major drop from the $0.0714 high to $0.0546 low is also near the $0.0630 level. Therefore, ADA price must trade above the $0.0620 and $0.0630 resistance levels to start a strong recovery.
Conversely, if cardano price fails to climb above $0.0620 or $0.0630, it could continue to slide. An immediate support is near the $0.0550 level, below which there is a risk of a sharp drop towards the $0.0500 support area.
The market data is provided by TradingView, Binance.