The price of Cardano (ADA) has started to decline against the USD trading around the $0.1600 key support area. A major bearish trendline was formed with resistance at $0.1720. The Cardano (ADA) to USD trading pair will most likely face more declines below the support at $0.1600 short-term. The price of Cardano isn’t just falling against the USD but also falling against Bitcoin. It must stay above the support level at $0.1600 if it is to recover. If it cannot hold this level, the price will decline more to the $0.1500 level.
The Price Of Cardano (ADA) Against The USD
The price of Cardano attempted to clear the resistances at $0.1780 and $0.1800 but failed. It subsequently had a few swings near $0.750, $0.1800, and $0.1780”. The price broke the $0.1700 short-term. The price of Cardano (ADA) also closed below the 100 hour SMA and the $0.1680 level.
Cardano (ADA) Price Today – ADA / USD
The move downside was delayed near the $0.1600 support level and the price is consolidating above the support at $0.1600 with some bearish indicators. Upside, there is an immediate resistance around the 50% Fibonacci retracement level of the last fall from $0.1755 to $0.1601. There is also a significant bearish trendline that has resistance at $0.1720. The resistance is close to the 76.4% Fibonacci retracement level of the last fall from $0.1758 to $0.1601.
Technical Analysis For Cardano (ADA)
According to crypto price analyst Aayush Jindal, the price of Cardano (ADA) may start correcting higher towards the resistances at $0.1700 and $0.1720. However, breaking above $0.1720 will be difficult. If the price is to break below $0.1600, the declines may extend to the $0.1500 level. The only way gains will be minimized is if the cryptocurrency is able to hold above the $0.1720 level.
The relative strength index is moving toward 30 and the MACD on the hourly chart is in the bearish territory. The significant support level is at $0.1600 while the significant resistance level is at $0.1720.