Cardano price stayed above the $0.0870 support area, but it struggled to gain momentum. Bitcoin price is currently consolidating, but it seems like ADA bulls are facing many hurdles on the way to $0.1000.
- Cardano price is trading below the $0.0950, $0.0972 and $0.0984 resistance levels.
- There is a major bullish trend line forming with support near $0.0888 on the 2-hours chart.
- ADA could decline heavily if it continues to struggle near $0.0950 and $0.0972.
Read: Guide to eToro
Cardano Price Analysis (ADA to USD)
There were multiple failures noted near the $0.0950 resistance, resulting in bearish moves in cardano price. ADA price declined recently below $0.0900, but buyers were able to protect the main $0.0870 support area.
Click to Enlarge Chart
Looking at the 2-hours chart of ADA/USD, the pair tested the $0.0878 level recently and settled below the 25 simple moving average (2-hours). The price is currently recovering above $0.0890, but there are many hurdles on the upside.
Today, the price failed to clear the $0.0920 resistance area, the 25 simple moving average (2-hours), and the 50% Fib retracement level of the recent drop from the $0.0952 high to $0.0878 low.
If there is an upside break above the $0.0920 level, the price could continue to rise towards the $0.0950 resistance area. An intermediate resistance is $0.0935 plus the 76.4% Fib retracement level of the recent drop from the $0.0952 high to $0.0878 low.
If the bulls succeed in clearing $0.0950, the next stop might be the $0.0972 resistance and the $0.0984 barrier. As long as cardano price is below these barriers, it won’t make it to $0.1000.
On the downside, an initial support is near the $0.0900 level. Moreover, there is a major bullish trend line forming with support near $0.0888 on the same chart.
Therefore, if cardano price fails to stay above the trend line and the $0.0870 support area, it could decline heavily. The next major support is near the $0.0800 and $0.0780 levels. Overall, there could be range moves in ADA/USD before it either rallies above $0.0972 or breaks the $0.0870 support.
The market data is provided by TradingView, Binance.