- ADA price failed to correct above $1.100 and extended its decline against the US Dollar.
- The price is now consolidating near the $1.000 support and well below the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $1.100 on the 4-hours chart (data feed via Bitfinex).
- The price remains at a risk of a sharp decline below the $1.000 and $0.9800 support levels.
Cardano price is showing bearish signs below $1.100 against the US Dollar, while bitcoin is stable. ADA price could decline towards $0.8800 if it fails to recover above $1.100.
Cardano Price Analysis
Cardano price followed a bearish path from well above the $1.300 level against the US Dollar. The ADA/USD pair broke many important supports near $1.120 and $1.100 to move into a bearish zone.
The pair even broke the $1.050 support level and settled well below the 55 simple moving average (4-hours). A low is formed near $0.9981 and the price is now consolidating losses. An initial resistance is near the $1.050 level. It is close to the 23.6% Fib retracement level of the downward move from the $1.193 high to $0.9981 low.
On the upside, there is a major resistance forming near the $1.100 level and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $1.100 on the 4-hours chart.
The trend line is near the 50% Fib retracement level of the downward move from the $1.193 high to $0.9981 low. A close above the $1.100 resistance level is must for a fresh increase. The next major resistance sits at $1.200.
Conversely, the price might fail to climb above $1.100. In the stated case, there is a risk of more losses below the $1.000 and $0.9980 support levels. The next main support is near the $0.8800 level, where the bulls might appear.
Cardano (ADA) Price
The chart indicates that ADA price is clearly facing a strong resistance near $1.100 and the 55 simple moving average (4-hours). Overall, the price remains at a risk of a sharp decline below the $1.000 and $0.9800 support levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is showing negative signs in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $1.000 and $0.880.
Key Resistance Levels – $1.100 and $1.200.
Source: livebitcoinnews.com
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