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Cardano price broke a few important supports near $0.0760 to start a significant decline. Bitcoin price recovered recently above $10,500, but it seems like ADA price could continue to slide.

  • Cardano price broke the key $0.0760 and $0.0630 support levels in the past few days.
  • There is a crucial bearish trend line forming with resistance near $0.0625 on the 4-hours chart.
  • ADA could decline further if it continues to struggle near the $0.0600 and $0.0620 resistances.

Cardano ADA Price

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Cardano Price Analysis (ADA to USDT)

This past week, cardano price broke the key $0.0760 support level to enter a bearish zone. Later, bitcoin’s decline below the $11,000 support level sparked more losses in ADA below the $0.0700 and $0.0650 support levels.

Cardano Price Analysis (ADA to USDT) Chart

Click to Enlarge Chart

Looking at the 4-hours chart of ADA/USDT, the pair declined heavily after a successful close below the $0.0760 and $0.0700 support levels. The price even broke the $0.0630 support and the 25 simple moving average (4-hours).

Finally, there was a break below the $0.0600 support and a new multi-week low was formed near the $0.0546 level. Recently, the price started an upside correction above the $0.0575 level.


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Moreover, cardano price moved above the 23.6% Fib retracement level of the last major drop from the $0.0714 high to $0.0546 low. However, the bulls struggled to surpass the $0.0600 level and the 25 simple moving average (4-hours).

On the upside, there are a few key hurdles forming near the $0.0620 and $0.0630 levels. There is also a crucial bearish trend line forming with resistance near $0.0625 on the same chart.

Besides, the 50% Fib retracement level of the last major drop from the $0.0714 high to $0.0546 low is also near the $0.0630 level. Therefore, ADA price must trade above the $0.0620 and $0.0630 resistance levels to start a strong recovery.

Conversely, if cardano price fails to climb above $0.0620 or $0.0630, it could continue to slide. An immediate support is near the $0.0550 level, below which there is a risk of a sharp drop towards the $0.0500 support area.

The market data is provided by TradingView, Binance.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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