Cardano price remained in a bearish zone below the $0.0820 and $0.0850 resistance levels. Bitcoin price surged higher recently above $12,000, but ADA extended losses below $0.0800.
- Cardano price is now trading well below the key $0.0850 pivot area.
- There is a key bearish trend line forming with resistance near $0.0800 on the 4-hours chart.
- ADA could decline heavily if there is a daily close below the key $0.0750 support area.
Cardano Price Analysis (ADA to USD)
After a proper close below the $0.0850 support area, cardano price extended losses. ADA price even broke the key $0.0800 support area and recently traded to a new monthly low near $0.0757.
Click to Enlarge Chart
Looking at the 4-hours chart of ADA/USDT, the pair is trading in a bearish zone below the $0.0800 support and the 25 simple moving average (4-hours). Recently, there was an upside correction from the $0.0757 low.
The price traded above the $0.0800 resistance level and the 23.6% Fib retracement level of the last major slide from the $0.0909 high to $0.0757 low. However, the upward move was capped by the $0.0820 level.
It seems like there is a key bearish trend line forming with resistance near $0.0800 on the same chart. The price even failed to test the 50% Fib retracement level of the last major slide from the $0.0909 high to $0.0757 low.
Cardano price is currently sliding and it seems like it could revisit the $0.0760 or $0.0755 level. If there is a downside break below the $0.0757 swing low, the price could decline heavily below the $0.0750 support area.
The next major support could be $0.0732, below which the price may well test the $0.0715 level. On the upside, the bulls need to clear the trend line and the $0.0820 resistance.
However, there are many hurdles on the upside near the $0.0845 and $0.0850 levels. Therefore, cardano price must settle above the $0.0850 pivot level to start a decent recovery towards the $0.0920 and $0.0950 levels. If not, ADA remains at a risk of more losses below $0.0750.
The market data is provided by TradingView, Binance.