Logo
Cardano Ecosystem

Live BTC News

10/12/2021

·

766 views


Cardano (ADA) Price Analysis: Key Support Nearby At $2

ADA price is struggling to clear the $2.32 and $2.35 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 key bearish trend line forming with...

Cardano (ADA) Price Analysis: Key Support Nearby At $2
  • ADA price is struggling to clear the $2.32 and $2.35 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 key bearish trend line forming with resistance near $2.20 on the 4-hours chart (data feed via Bitfinex).
  • The price might start a fresh increase unless there is a break below $2.00.

Cardano price is struggling below the $2.32 resistance against the US Dollar, unlike bitcoin. ADA price must clear $2.20 to start a fresh increase.

Cardano Price Analysis

After a close above $2.20, cardano price attempted a break above the $2.32 resistance zone against the US Dollar. The ADA/USD pair failed on two occasions near the $2.32 zone.

As a result, there was a bearish reaction below the $2.25 support level. There was a break below the $2.20 resistance and the 55 simple moving average (4-hours). The price even traded below the $2.15 level. A low is formed near $2.07 and it is now consolidating losses.

An initial resistance on the upside is near the $1.15 level. It is near the 23.6% Fib retracement level of the recent decline from the $2.37 swing high to $2.07 low.

The first key resistance is near the $2.20 level. There is also a key bearish trend line forming with resistance near $2.20 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the recent decline from the $2.37 swing high to $2.07 low.

A clear break above the trend line might open the doors for a fresh move towards $2.32. If there is an upside break above the $2.32 zone, the price could rally above $2.40. The next major resistance could be near the $2.65 level.

On the downside, an immediate support is near the $2.07 level. The first major support is near $2.02. Any more losses might lead the price towards the $2.00 level, below which the bears could gain strength.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $2.20 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase unless there is a break below $2.00.

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 well below the 50 level.

Key Support Levels – $2.02 and $2.00.

Key Resistance Levels – $2.20 and $2.32.

Tags: ,

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Live BTC News

ORIGINAL SOURCE

https://www.livebitcoinnews.com/cardano-...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from Live BTC News

See more
Cardano (ADA) Price Analysis: Risk of Downside Break Below $0.635 | Live Bitcoin News
Live BTC News
Cardano (ADA) Price Analysis: Risk of Downside Break Below $0.635 | Live Bitcoin News

03/19/2024

·

10 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)