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Cardano (ADA) Price Analysis: Risk of More Downsides Below $1.05


www.livebitcoinnews.com 20 April 2021 08:47, UTC
Reading time: ~3 m

  • ADA price started a strong decline from well above the $1.350 level against the US Dollar.
  • The price is now well below the $1.300 support and the 55 simple moving average (4-hours).
  • There was a break below a key contracting triangle with support near $1.305 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to continue lower below the $1.100 and $1.050 support levels.

Cardano price is declining and trading well below $1.200 against the US Dollar, similar to bitcoin. ADA price could decline heavily if it fails to stay above $1.050.

Cardano Price Analysis

After forming a base above the $1.250 level, cardano price started a strong increase against the US Dollar. The ADA/USD pair broke many hurdles near $1.300 and $1.400 levels.

It even spiked above $1.500, but it failed to clear the $1.560. A high was formed near $1.560 and there was a sharp decline in the past few sessions. The price broke many supports near the $1.450 and $1.300 levels. There was also a break below a key contracting triangle with support near $1.305 on the 4-hours chart.

It is currently trading well below $1.300 and the 55 simple moving average (4-hours). It tested the $1.050 support and started a recovery wave. It climbed above the $1.150 and $1.220 levels.

There was a break above the 23.6% Fib retracement level of the downward move from the $1.560 high to $1.056 low. However, the price is facing a strong resistance near the $1.300 and $1.308 levels. It failed to clear the 55 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $1.560 high to $1.056 low is also acting as a resistance.

It is sliding again and trading below $1.250. An immediate support is near the $1.100 level. The main support is near the $1.050 level. If there is a clear break below the $1.050 support, there is a risk of a sharp decline in the coming sessions.

Conversely, the price might start a fresh increase above the $1.250 resistance zone. The next key resistance is near the $1.308 level.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is clearly struggling below the $1.300 and $1.250 levels. Overall, the price is likely to continue lower below the $1.100 and $1.050 support levels.

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 well below the 50 level.

Key Support Levels – $1.100 and $1.050.

Key Resistance Levels – $1.250 and $1.300.


   Source
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