Cardano price extended losses and tested the $0.0650 support area. ADA seems to be forming a decent support and it could start a strong rebound versus the USD and bitcoin.
- Cardano price declined below the $0.0720 and $0.0700 support levels, and tested $0.0650.
- This month’s identified declining channel is still in place with current resistance at $0.0732 on the 4-hours chart.
- ADA could started a substantial recovery once there is a break above $0.0735 and $0.0750.
Cardano Price Analysis (ADA to USD)
In the last two cardano price predictions, we saw a slow and steady decline below the $0.0800 support area. The decline was such that ADA price even broke the $0.0720 and $0.0700 support levels.
Click to Enlarge Chart
Looking at the 4-hours chart of ADA/USD, the pair traded close to the $0.0650 support and formed a new monthly low at $0.0655. The stated $0.0655 level is crucial since it was a breakout resistance zone in March 2019.
At the moment, the price is moving higher and recently broke the 50% Fib retracement level of the last decline from the $0.0741 high to $0.0655 low. The price is also trading above the $0.0700 level and the 25 simple moving average (4-hours).
An immediate resistance is near the $0.0720 level and the 76.4% Fib retracement level of the last decline from the $0.0741 high to $0.0655 low. More importantly, this month’s identified declining channel is still in place with current resistance at $0.0732 on the same chart.
Above the channel, there is a bearish trend line near $0.0735. Therefore, if there is a successful close above $0.0750, the price is likely to start a strong upward move.
The next key resistances are near $0.0800 and $0.0805, above which the price could rally towards $0.0850. Alternatively, if cardano fails to move past $0.0750, there could be additional losses.
On the downside, an immediate support is at $0.0670, followed by the key $0.0655. If major cryptocurrencies such as bitcoin, Ethereum, bitcoin cash, ripple and EOS continue to struggle, it won’t be easy for ADA buyers to push the price above $0.0750.
The market data is provided by TradingView, Binance.
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