The price of ADA has been on a downtrend for some days now. The trend continued up to this morning with Cardano (ADA) falling below the $0.1350 support level. A critical declining channel was formed with resistance at $0.1300 against the USD. The ADA to USD trading pair will most likely be capped at $0.1300 and $0.1350 but it will correct higher a few times before then. The price of ADA fell more against Bitcoin just as it fell against the USD. The slide downwards will go as low as $0.1200 short-term.
The Price Of ADA Against The USD
The price of ADA had some minor recoveries above $0.1400 but it failed to gain the momentum required to move above this level. A sharp decline followed leading to a break of the $0.1350 and $0.1300 support levels taking ADA straight to the bearish zone. The decline was so bad that ADA traded near the 2 week low of $0.1220.
Cardano (ADA) Price Today – ADA / USD
At the time of writing, ADA was consolidating its losses above the $0.1220 level still in the bearish territory. It formed an initial resistance near the 23.6% Fibonacci retracement level from the last $0.1415 high to $0.1223 low. A crucial decline channel was formed with resistance at $0.1300 on the hourly chart. This decline channel was also in the same line as the 50% Fibonacci retracement level of the last slope from $0.1415 to $0.1223. If the price of ADA is to recover substantially, it must break above the $0.1320 and $0.1350 resistances. If it can break the $0.150 level, it will most likely test $0.14000 again.
The relative strength index is moving toward 30 and the MACD on the hourly chart is in the bearish territory. The significant resistance level is at $0.1350 and the significant support is at $0.1200.