According to crypto writer Aayush Jindal, the recent Cardano (ADA) price analysis shows that the pair is under pressure after it shifted below the 0.1550 USD support region against the USD. We can also see that there is a significant bearish pattern with 0.1420 USD serving as resistance via the hourly chart of the Ada/USD pair. Today’s Cardano (ADA) price analysis shows that the pair may further decline should sellers breach the 0.1350 USD support region. The price of Cardano (ADA) extended losses below primary support zones against the USD. The ADA/USD pair is in a bearish area with support levels at 0.1350 USD and 0.1250 USD.
Cardano (ADA) Price Analysis: No Recovery in The Price of The Cryptocurrency Above 0.1660 USD
There wasn’t any significant recovery in the price of Cardano (ADA) above the 0.1660 USD level. The pair declined and went on to break some essential support zones at 0.1600 USD and 0.1550 USD. The price of the digital asset cleared the 0.1400 USD support area and is now trading below the 100 hour SMA. The recent low formed at the 0.1356 USD barrier and the token is currently consolidating gains. Looking at the short-term, the price of Cardano (ADA) may eventually correct some points above 0.1380 USD with initial resistance at 23.6 percent Fibonacci retracement level from the last drop at 0.1641 USD and 0.1356 USD.
Cardano (ADA) Price Today – ADA / USD
We can also see that there is a significant bearish pattern in place with 0.1420 USD resistance via the hourly chart. Above the pattern resistance, the next barrier is near 0.1500 USD. It also coincides with the 50 percent Fibonacci retracement level from the last drop at 0.1641 USD and 0.1356 USD. Above this, Cardano’s (ADA) price could find it tough near the 0.1550 USD support region. The chart shows that the price of the cryptocurrency is on a downtrend 0.1550 USD. If it doesn’t recover above the 0.1420 USD and 0.1450 USD levels, it may decline further. Below the 0.1356 USD low, the price should visit 0.1250 USD which is the next support level.