Cardano price failed to hold gains above $0.1000 and corrected lower. ADA is currently following a bearish structure and it could retest the $0.0750 support before fresh increase.

Cardano ADA Price

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Cardano Price Analysis (ADA to USD)

Earlier this month, we saw a solid upward move in cardano price above the $0.1000 resistance level against the US dollar. ADA traded close to the $0.1010 level, but it failed to continue higher. A swing high was formed near $0.1016 and later the price started a steady downside correction.

Cardano Price Analysis ADA Chart

Click to Enlarge Chart

Looking at the 2-hours chart of ADA/USD, the pair declined below the $0.0920 and $0.0850 support levels to enter a bearish zone. There was even a break below the $0.0800 level and the 25 simple moving average (2-hours).

A swing low was formed at $0.0764 and the price recently corrected above the $0.0800 level and the 23.6% Fib retracement level of the last drop from the $0.0942 high to $0.0764 low.

The price even climbed above the $0.0850 resistance and the 50% Fib retracement level of the last drop from the $0.0942 high to $0.0764 low. However, the $0.0874 level acted as a strong resistance and prevented further upsides.

More importantly, there is a significant declining channel in place with current resistance at $0.0860 on the same chart. Therefore, a clear break above the channel resistance is must for buyers to take back control. The next immediate resistance is at $0.0900, above which cardano is likely to climb towards the key $0.1000 resistance area.

On the other hand, there are chances of additional losses below the $0.0800 level. The price could revisit the $0.0750 support area, which is a crucial juncture for both buyers and sellers. As long as cardano price is above $0.0750, there could be a strong upward move above $0.0860 in ADA in the coming days.

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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