Cardano Price Analysis: ADA/USD Could Test $0.1100

Key Highlights

ADA price is under heavy pressure and is currently trading well below $0.1300 against the US Dollar (tethered).

There is a crucial bearish trend line formed with resistance at $0.1210 on the hourly chart of the ADA/USD pair (data feed via Bittrex).

The pair is likely to continue its downside move towards the $0.1100 support level in the near term.

Cardano price extended its slide against the US Dollar and Bitcoin. ADA/USD remains at a risk of more losses towards the $0.1100 and $0.1000 levels.

Cardano Price Analysis

There was a minor upside move above the $0.1250 level recently in ADA price against the US Dollar. The ADA/USD pair traded towards $0.1300, but it failed to gain upside momentum. As a result, there was a downside reaction and the price declined below the $0.1200 support. The drop was such that the price traded to a new monthly low below $0.1140 and is currently trading well below the 100 hourly simple moving average.

A low was formed at $0.1132 and the price is currently correcting higher. An initial resistance is near the 38.2% Fib retracement level of the last decline from the $0.1287 high to $0.1132 low. However, the most important resistance is near the $0.1210 level. There is also a crucial bearish trend line formed with resistance at $0.1210 on the hourly chart of the ADA/USD pair. It coincides with the 50% Fib retracement level of the last decline from the $0.1287 high to $0.1132 low. Therefore, any upside move from the current levels is likely to face sellers near $0.1210.

The chart indicates that the price is clearly in a major downtrend below $0.1500. More losses are likely towards the $0.1100 and $0.1000 support levels in the near term.

Hourly MACD – The MACD for ADA/USD is gaining pace in the bearish zone.

Hourly RSI – The RSI for ADA/USD is near the oversold levels with no major sign of a recovery.

Major Support Level – $0.1100

Major Resistance Level – $0.1210

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