Cardano (ADA) Price Analysis: Risk of Fresh Decline Below $1.5
- ADA price is trading in a bearish zone below the $1.70 and $1.60 resistance levels against the US Dollar.
- The price is now trading below $1.60 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $1.65 on the 4-hours chart (data feed via Bitfinex).
- The price might start a fresh increase if it manages to clear the $1.75 resistance zone.
Cardano price is struggling below the $1.75 resistance against the US Dollar, unlike bitcoin. ADA price must clear $1.75 to start a fresh increase.
Cardano Price Analysis
After a close below $2.00, cardano price started another major decline against the US Dollar. The ADA/USD pair traded below the $1.85 support level to enter a bearish zone.
The bears gained strength for a move below the $1.75 level. The price even traded below the $1.70 level. It is now trading below $1.65 and the 55 simple moving average (4-hours). A low is formed near $1.41 and the price is now consolidating losses.
An immediate resistance on the upside is near the $1.65 level. It is close to the 23.6% Fib retracement level of the downward move from the $1.95 swing high to $1.41 low.
There is also a key bearish trend line forming with resistance near $1.65 on the 4-hours chart. The next major resistance is near the $1.75 level. It is near the 61.8% Fib retracement level of the downward move from the $1.95 swing high to $1.41 low.
A clear break above the trend line resistance and $1.75 could pump the price towards the $2.00 level. Any more gains could push the price towards the $2.20 level.
On the downside, an immediate support is near the $1.55 level. The first major support is near $1.50. Any more losses might lead the price towards the $1.40 level, below which the bears could gain strength in the near term.
Cardano Price
The chart indicates that ADA price is now trading below $1.75 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if it manages to clear the $1.75 resistance zone.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is moving in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now close to the 50 level.
Key Support Levels – $1.55 and $1.50.
Key Resistance Levels – $1.65 and $1.75.
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