Cardano price failed to climb above the $0.0950 resistance and declined recently. Bitcoin price declined heavily in the past two days, sparking bearish moves in ADA below $0.0850.
- Cardano price is under pressure and it recently traded below the $0.0850 support area.
- There was a break below a key ascending channel with support at $0.0850 on the 4-hours chart.
- ADA could tumble if there is a downside break below the $0.0750 support area.
Cardano Price Analysis (ADA to USD)
After struggling to clear the $0.0980 resistance, cardano price started a major decline. ADA price broke a few important supports near $0.0920 and $0.0900 to enter a bearish zone.
Click to Enlarge Chart
Looking at the 4-hours chart of ADA/USD, the pair even settled below the $0.0900 support area and the 25 simple moving average (4-hours). There was also a break below a major bullish trend line at $0.0940 on the same chart.
Later, the price retested the same trend line, which acted as a resistance near $0.0940. As a result, the price extended losses and traded below a key ascending channel with support at $0.0850 on the same chart.
The price even traded below the $0.0800 support and formed a new monthly low near $0.0744. It is currently correcting higher towards $0.0800. If there is an upside break above $0.0800, the price could test the $0.0835 resistance.
The 50% Fib retracement level of the recent decline from the $0.0925 high to $0.0744 low is near the $0.0835 level to act as resistance. However, the main resistance is near $0.0850 and the 25 simple moving average (4-hours).
Finally, the 61.8% Fib retracement level of the recent decline from the $0.0925 high to $0.0744 low is near $0.0856, above which cardano price could start a decent recovery.
If there is no upside break above $0.0800 or $0.0835, ADA price could extend losses. An immediate support is near the $0.0750 and $0.0745 levels. If cardano price slides below the recent low at $0.0744, there could be a sharp drop towards or below $0.0700 in the near term.
The market data is provided by TradingView, Binance.