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Livebitcoinnews

11/02/2021

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Cardano (ADA) Price Analysis: Key Resistance Near $2.05

ADA price is struggling to clear the $2.00 and $2.05 resistance levels against the US Dollar. The price is now trading below $2.00 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with...

Cardano (ADA) Price Analysis: Key Resistance Near $2.05
  • ADA price is struggling to clear the $2.00 and $2.05 resistance levels against the US Dollar.
  • The price is now trading below $2.00 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $2.06 on the 4-hours chart (data feed via Bitfinex).
  • The price might start a fresh increase unless there is a break below $1.90.

Cardano price is struggling below the $2.05 resistance against the US Dollar, unlike bitcoin. ADA price must clear $2.05 to start a fresh increase.

Cardano Price Analysis

After struggling to clear the $2.20 resistance, cardano price started a fresh decline against the US Dollar. The ADA/USD pair declined sharply below the $2.05 support level and the 55 simple moving average (4-hours).

The price even traded below the $2.00 level. A low is formed near $1.82 and it is now correcting losses. There was a recovery wave above the $1.90 and $1.92 resistance levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $2.20 swing high to $1.82 low.

The first key resistance is near the $2.00 level and the 55 simple moving average (4-hours). The 50% Fib retracement level of the recent decline from the $2.20 swing high to $1.82 low is also near $2.00.

The main resistance is forming near $2.05. There is also a key bearish trend line forming with resistance near $2.06 on the 4-hours chart. A clear break above the trend line might open the doors for a fresh move towards $2.20.

If there is an upside break above the $2.20 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 $1.92 level. The first major support is near $1.90. Any more losses might lead the price towards the $1.82 level, below which the bears could gain strength in the near term.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $2.05 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase unless there is a break below $1.90.

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 – $1.92 and $1.90.

Key Resistance Levels – $2.00 and $2.05.

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