EagleFX

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 ADA Price

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.

Cardano Price Analysis (ADA to USD) Chart

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.


Cryptorocket

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.


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 . //