Cardano (ADA) Price Analysis: Bulls Facing Uphill Task
ADA price is struggling to clear the $2.18 and $2.20 resistance levels against the US Dollar. The price is now trading below $2.20 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with...
- ADA price is struggling to clear the $2.18 and $2.20 resistance levels against the US Dollar.
- The price is now trading below $2.20 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $2.21 on the 4-hours chart (data feed via Bitfinex).
- The price might start a fresh increase unless there is a break below $2.05.
Cardano price is struggling below the $2.20 resistance against the US Dollar, unlike bitcoin. ADA price must clear $2.24 to start a fresh increase.
Cardano Price Analysis
After a close above $2.20, cardano price attempted a break above the $2.24 resistance zone against the US Dollar. The ADA/USD pair failed to gain momentum and started a fresh decline below $2.20.
There was a break below the $2.15 level and the 55 simple moving average (4-hours). The price even traded below the $2.10 level. A low is formed near $2.09 and it is now consolidating losses.
An initial resistance on the upside is near the $2.17 level. It is near the 50% Fib retracement level of the recent decline from the $2.25 swing high to $2.09 low. The first key resistance is near the $2.20 level. There is also a major bearish trend line forming with resistance near $2.21 on the 4-hours chart.
The trend line is close to the 76.4% Fib retracement level of the recent decline from the $2.25 swing high to $2.09 low. A clear break above the trend line might open the doors for a fresh move towards $2.24.
If there is an upside break above the $2.24 zone, the price could rally above $2.32. The next major resistance could be near the $2.50 level. On the downside, an immediate support is near the $2.09 level. The first major support is near $2.05. Any more losses might lead the price towards the $2.00 level, below which the bears could gain strength in the near term.
Cardano Price
The chart indicates that ADA price is now trading below $2.15 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase unless there is a break below $2.05.
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 correcting higher towards the 50 level.
Key Support Levels – $2.07 and $2.05.
Key Resistance Levels – $2.20 and $2.24.
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