Cardano (ADA) Price Analysis: Key Breakout Zone Near $0.95
The post Cardano (ADA) Price Analysis: Key Breakout Zone Near $0.95 appeared on BitcoinEthereumNews.com. ADA price started a steady decline from the $1.10 resistance against the US Dollar. The price is now trading below $1.00 and the 55 simple...
- ADA price started a steady decline from the $1.10 resistance against the US Dollar.
- The price is now trading below $1.00 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.950 on the 4-hours chart (data feed via Bitfinex).
- The price could continue to move down if there is a break below the $0.880 support.
Cardano price is declining below $1.00 against the US Dollar, similar to bitcoin. ADA price could start a steady increase if it clears $0.95 and $1.00.
Cardano Price Analysis
This week, cardano price saw a fresh decline from the $1.10 resistance zone against the US Dollar. The ADA/USD pair traded below the $1.05 and $1.00 support levels to move into a bearish zone.
The price even settled below $1.00 and the 55 simple moving average (4-hours). It even spiked below the $0.90 level and traded as low as 0.873. The price is now correcting losses and trading above the $0.90 level. There was a move above the 23.6% Fib retracement level of the recent decline from the $1.033 swing high to $0.873 low.
On the upside, an immediate resistance is near the $0.95 level. There is also a major bearish trend line forming with resistance near $0.950 on the 4-hours chart.
The trend line is near the 50% Fib retracement level of the recent decline from the $1.033 swing high to $0.873 low. The first key resistance might be near the $1.00 level. A clear upside break above the $1.00 level might send the price towards the $1.10 resistance.
The next key resistance might be near the $1.12 level. Any more gains could start a steady increase towards the $1.20 level in the near term.
On the downside, an immediate support is near the $0.900 level. The next major support is near the $0.880 level. If there are additional losses, the price may perhaps decline towards the $0.80 support level. A break below $0.80 could push the price towards the $0.75 level.
The chart indicates that ADA price is now trading below $1.00 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is a break below the $0.880 support.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now near the 50 level.
Key Support Levels – $0.920 and $0.880.
Key Resistance Levels – $0.95 and $1.00.
Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-key-breakout-zone-near-0-95/
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