Cardano (ADA) Price Analysis: Bears Aim Retest of $1.20

  • ADA price started a fresh decline after it failed to surpass $1.50 against the US Dollar.
  • The price is now trading well below $1.35 and the 55 simple moving average (4-hours).
  • There was a break below a key rising channel with support near $1.38 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to continue lower below the $1.25 support level in the near term.

Cardano price is trading in a negative zone below $1.35 against the US Dollar, similar to bitcoin. ADA price could continue to move down if it break the $1.25 support.

Cardano Price Analysis

This past week, cardano price saw a decent increase above the $1.35 resistance against the US Dollar. The ADA/USD pair even broke the $1.40 resistance zone and the 55 simple moving average (4-hours).

However, the bulls struggled to clear the $1.50 resistance. It traded as high as $1.49 and it recently started a fresh decline. There was a break below the $1.42 and $1.40 support levels. The price traded below the 50% Fib retracement level of the upward move from the $1.28 low to $1.50 swing high.

There was also a break below a key rising channel with support near $1.38 on the 4-hours chart. It is now trading well below $1.35 and the 55 simple moving average (4-hours).

An immediate support on the downside is near the $1.27 level. It is close to the 76.4% Fib retracement level of the upward move from the $1.28 low to $1.50 swing high. The next major support is near the $1.25 level. Any more losses is likely to lead the price towards the $1.20 level.

An immediate resistance on the upside is near the $1.35 level. The first major resistance is now near the $1.37 level and the 55 SMA. A clear close above the $1.37 level could spark a decent increase. The next major resistance is near the $1.50 level.

Cardano (ADA) Price

The chart indicates that ADA price is clearly trading well below $1.35 and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower below the $1.25 support level in the near term.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining pace in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now below the 50 level.

Key Support Levels – $1.25 and $1.20.

Key Resistance Levels – $1.37 and $1.50.

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