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Cardano Price Analysis: ADA/USD Could Revisit $0.2200

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Cardano Price Analysis: ADA/USD Could Revisit $0.2200

Key HighlightsADA price failed to move above the $0.2800 resistance and declined against the US Dollar (tethered).There was a break below an important bullish trend line with support at $0.2650 on the hourly chart of the ADA/USD pair (data feed via Bittrex).The pair remains at a risk of more losses towards the $0.2300 and $0.2200 support levels.Cardano price declined substantially against the US Dollar and Bitcoin. ADA/USD is likely to decline further towards the next major support at $0.2200.Cardano Price AnalysisThere was no upside break above the $0.2800 and $0.2820 resistance levels in ADA price against the US Dollar. The price started a downside move and declined below the $0.2700 and $0.2600 support levels. There was also a break below the 61.8% Fib retracement level of the last wave from the $0.2330 low to $0.2840 high. It opened the doors for more declines and the price settled below $0.2600.The most important move was a break below an important bullish trend line with support at $0.2650 on the hourly chart of the ADA/USD pair. The pair is now trading well below the $0.2500 level and the 100 hourly simple moving average. It traded as low as $0.2383 low and is currently consolidating losses. On the upside, an initial resistance is close to the 23.6% Fib retracement level of the last drop from the $0.2763 high to $0.2383 low. However, the most important hurdle is near $0.2600 and the 100 hourly SMA.The chart indicates that 50% Fib retracement level of the last drop from the $0.2763 high to $0.2383 low is also likely to act as a resistance near $0.2580. On the downside, a break below the $0.2380 level may push the price towards the $0.2300 and $0.2200 support levels in the near term.Hourly MACD – The MACD for ADA/USD is currently in the bearish zone.Hourly RSI – The RSI for ADA/USD is in the oversold levels.Major Support Level – $0.2200Major Resistance Level – $0.2600

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Author: Aayush Jindal

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