Cardano (ADA) Attempts A Recovery But The Resistance Might Prevent Major Gains 

This morning, the price or ADA fell below the $0.0920 and $0.1000 support levels. A recovery inside a complementary ascending channel may be possible but it has resistance at $0.0915. The ADA to USD pair will most likely face sellers if it attempts a correction above $0.0920 and $0.0940 short-term. The price of Cardano (ADA) was pressured with selling interest against Bitcoin and against the USD. This is why the buyers will face resistance at $0.92.

Cardano (ADA) Price Analysis

The price of Cardano (ADA) was unable to break the resistance at $0.1080 against the USD. Because of this, it fell sharply breaking the support at $0.1000. It also closed below the 100 hourly SMA and the $0.0920 level. The pair moved close to the $0.0800 level forming a new low of $0.0808 this month. After a level, the price of ADA moved upside above the $0.0840 mark. It traded above the 23.6% Fib retracement level of the last decline from $0.1073 to $0.0808.

Cardano (ADA) Price Today – ADA / USD

Name Price24H (%)
Cardano (ADA)
$0.028974
-3.04%

The ascending channel formed resistance at $0.0915 but the trading pair was able to push through toward the $0.0918 level where it faced resistance from sellers. After this level, the next resistance is expected to be at the 50% Fib retracement level of the last decline from $0.1073 to $0.0808 which was at $0.0941. If the price keeps going higher, sellers may appear around $0.0920 and $0.0940.

Cardano (ADA) Technical Analysis

From the price charts, ADA is bearish against the USD. It will continue to trade bearish as long as it is below the $0.1000 mark. As soon as the price correction comes to an end, the price may fall as low as $0.0800. This is according to the price analysis of Aayush Jindal on Newsbtc. At the time of writing, ADA was trading at $0.0834. This indicates a $1.15% fall against the USD and a $0.69% fall against Bitcoin. The relative strength index is above 50 and the MACD on the hourly chart is in the bullish territory. The significant support is at $0.0840 and the significant resistance is at $0.0940.

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