The value of Cardano (ADA) is presently under pressure against Bitcoin and the U.S. dollar. The value of ADA against the US dollar may correct higher, but it will possibly face hurdles close to the 25 cents marks.
Price Analysis of Cardano (ADA)
There was no significant rebound over the $0.26 in the price of Cardano against the US dollar. The value topped close to the $0.262 level and the 100 hourly SMA. A new bearish trend began, and the value of the digital currency dropped below the support level of 25 cents and 24 cents.
A base was created and the value of the coin is presently correcting higher towards the $0.245 level. At the time of writing, the value of the digital currency is testing the 23.6 percent Fibonacci retracement level of the previous wave from the high of $0.2616 to the low of $0.23.
Nevertheless, there are lots of resistance on the upside close to the 25 cents level. There is also a major bearish trendline in place with resistance at $0.245 on the hourly chart of ADA against the US dollar. Also, the 50 percent retracement level of the previous swing from the low of $0.2616 to the low of $0.2304 is positioned close to the $0.2460 mark. Hence, it appears like the value of the cryptocurrency will possibly face a strong barrier close to $0.245 – $0.25.
Cardano Is Slowly Recovering
Based on the chart of ADA, the value is gradually recovering from 23 cents. If the digital currency fails to cross the resistance level at 25 cents, then the value could decline again below the 23 cents level. Below the support level of the coin which is 23 cents, the value may decline to 22 cents. On the upside, if the coin moves above its resistance at 25 cents, then it could move towards $0.275.