The price of Cardano (ADA) recently moved above the $0.1050 resistance. Unfortunately, it faced pressure from sellers near the $0.1100 level. A bullish trendline that had support at $0.1035 was broken and the pair started to trend sideways toward the support levels at $0.1000 and $0.0980 short-term. Earlier in the morning, the price of ADA struggled to gain traction against Bitcoin and against the USD. The trading pair will most likely move lower towards $0.1000.
Cardano (ADA) Price Trades Higher Against The USD
Yesterday, Cardano closed above the support at $0.1000 moving higher against the USD toward the resistance at $0.1050. The price even moved above $0.1100 and above the 100 hourly SMA. The price moved as high as $0.1103 before it started to move downside. While it declined, it broke the support at $0.1050 and fell below the 100 hourly simple moving average.
Cardano (ADA) price broke a significant bullish trend line that had support at $0.1035. The pair traded below the 50% Fibonacci retracement level of the last rise from $0.0968 to $0.1100. The price became bearish short-term as it moved below the $0.1030 level. Below this level, the next significant support is at $0.1000. The price fell below the 76.4% fib retracement level of the last rise from $0.0968 to $0.1103.
Cardano (ADA) Price Analysis Now!
Cardano (ADA) price is currently trading at $0.102799. This indicates a 2.13% fall against the USD and a 1.49% fall against Bitcoin. The relative strength index is below 50 and the MACD on the hourly chart is in the bearish zone. This is according to the price analysis of Aayush Jindal on Newsbtc. The significant resistance is at $0.1100 while the significant support is at $0.0980. Falling below this support at $0.0980 will give way for more losses while moving above the resistance at $0.1100 will clear the road for more gains. The next few trading sessions will determine if the price action will change in favor of the bears or bulls.