Cardano Price Analysis: ADA/USD Could Correct Lower To $0.082
- ADA price tested the $0.0880 resistance and later corrected lower against the US Dollar (tethered).
- There is a short-term bearish trend line in place with resistance at $0.0865 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is likely to correct further towards the $0.0830 or $0.0820 support levels in the near term.
Cardano price is currently correcting gains against the US Dollar and Bitcoin. ADA/USD may drop to $0.0820 before the next upward move.
Cardano Price Analysis
In the last analysis, we discussed that cardano price is trading with a positive bias above the $0.0815 level against the US Dollar. The ADA/USD pair broke the $0.0855 high and traded towards the $0.0880 resistance. A fresh high was formed at $0.8875 before the price started a downside correction. It moved below the $0.0870 and $0.0865 support levels. Moreover, there was a break below the 23.6% Fibonacci retracement level of the last wave from the $0.0802 low to $0.0887 high.
At the moment, the price is trading near the $0.0840 support and 100 hourly simple moving average. If sellers remain in action, the price could correct further to $0.0835. It represents the 61.8% Fibonacci retracement level of the last wave from the $0.0802 low to $0.0887 high. Further below $0.0835, the price is likely to test the $0.0825 and $0.0820 support levels. On the other hand, if the price moves higher, it might face resistance near $0.0865. There is also a short-term bearish trend line in place with resistance at $0.0865 on the hourly chart of the ADA/USD pair.
The chart indicates that ADA price formed a short-term top near $0.0880. It is currently correcting gains and it may continue to move down towards the $0.0820 support where buyers are likely to emerge.
Hourly MACD – The MACD for ADA/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ADA/USD is now well below the 50 level.
Major Support Level – $0.0820
Major Resistance Level – $0.0865