EagleFX

Cardano price failed to break the $0.0650 resistance and recently started a fresh decline. Bitcoin price is also currently under pressure below $10,250, pushing ADA further lower.

  • Cardano price recovery faced a strong resistance near the $0.0650 level.
  • There is a declining channel forming with resistance near $0.0592 on the 2-hours chart.
  • ADA could either extend its decline towards $0.0500 or it might recover towards $0.0650.

Cardano ADA Price

Cardano Price Analysis (ADA to USDT)

This past week, cardano price started a decent upside correction from the $0.0497 swing low. ADA recovered above the $0.0550 and $0.0600 resistance levels. However, the recovery faced a strong resistance near the $0.0650 level.

Cardano Price Analysis (ADA to USD) Chart

Click to Enlarge Chart

Looking at the 2-hours chart of ADA/USDT, the pair traded as high as $0.0651 and recently started a fresh decline. There was a break below the $0.0600 support and the 25 simple moving average (2-hours).

Moreover, the price traded below an ascending channel with support at $0.0620 on the same chart. The bulls even failed to defend losses near the 50% Fib retracement level of the last major recovery from the $0.0497 low to $0.0651 high.

The price is now trading well below the $0.0580 level and is following a declining channel forming with resistance near $0.0592 on the same chart.


Cryptorocket

At the outset, the 61.8% Fib retracement level of the last major recovery from the $0.0497 low to $0.0651 high is acting as a support for cardano price near the $0.0550 level. If there is a downside break below $0.0550, the price could extend losses towards the $0.0520 and $0.0500 support levels.

To start a decent recovery, the price must break the $0.0600 resistance and the 25 simple moving average (2-hours). If there is a successful close above $0.0600, the price could retest the $0.0650 resistance area.

Overall, cardano price seems to be trading with a bearish bias below the $0.0600 pivot level. As long as ADA price is below $0.0600 and the 25 simple moving average (2-hours), there is a risk of more losses in the near term towards $0.0500. Conversely, a successful close above $0.0600 could push the price towards $0.0650 or even $0.0685.

The market data is provided by TradingView, Binance.


Buy Crypto    Trade Crypto
eToro Risk Warning: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


All content on DemandSolutionNews.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply . //