Cardano (ADA) Takes Another Dip After Declining Below A Significant Support 

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.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.