Cardano (ADA) Price Analysis: More Downsides Likely Towards $1

• ADA price started a fresh decline after it failed to surpass $1.30 against the US Dollar.
• The price is now trading well below $1.20 and the 55 simple moving average (4-hours).
• There is a key bearish trend line forming with resistance near $1.15 on the 4-hours chart (data feed via Bitfinex).
• The price is likely to continue lower below the $1.10 support level in the near term.

Cardano price is trading in a negative zone below $1.20 against the US Dollar, similar to bitcoin. ADA price could continue to move down towards the $1.00 support.

Cardano Price Analysis

In the past few days, cardano price saw a lot of bearish moves below the $1.50 and $1.40 levels against the US Dollar. The ADA/USD pair even broke the $1.30 support zone and the 55 simple moving average (4-hours).

The recent decline gained pace below the $1.20 support zone. The bears seem to be in control and the price traded as low as $1.077. The current price action suggests high chances of more downsides below $1.08.

An immediate support is near the $1.05 level. The main support is near the $1.00 level. If there is a break below $1.00, the bears are likely to gain further strength. In the stated case, the price may possibly spike towards the $0.80 level in the near term.

An immediate resistance on the upside is near the $1.12 level. It is near the 23.6% Fib retracement level of the recent decline from the $1.22 high to $1.07 low.

The first major resistance is now near the $1.15 level. There is also a key bearish trend line forming with resistance near $1.15 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the recent decline from the $1.22 high to $1.07 low.

A clear close above the $1.15 level could spark a decent increase. The next major resistance is near the $1.20 level.

The chart indicates that ADA price is clearly trading well below $1.20 and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower towards the $1.00 support level in the near term.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining pace in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now below the 50 level.

Key Support Levels – $1.05 and $1.00.

Key Resistance Levels – $1.15 and $1.20.

Tags: ADA, Cardano