Cardano (ADA) Price Analysis: Downtrend Below $1

Cardano price is struggling below $1.00 against the US Dollar, unlike bitcoin. ADA price could start a recovery wave if there is a move above the $0.95 resistance.

Cardano Price Analysis

This week, cardano price saw a fresh decline from well above the $1.10 zone against the US Dollar. The ADA/USD pair broke the $1.00 and $0.92 support levels to move into a bearish zone.

There was a close below the $1.00 level and the 55 simple moving average (4-hours). Finally, the price dipped below $0.85 and traded as low as $0.8141. It is now consolidating losses and trading near $0.830. An immediate resistance on the upside is near the $0.850 level.

The first key resistance might be near the $0.885 level. It is near the 23.6% Fib retracement level of the recent drop from the $1.114 high to $0.8141 low.

There is also a major bearish trend line forming with resistance near $0.945 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the recent drop from the $1.114 high to $0.8141 low. A clear break above the $0.95 resistance could pump the price towards the $1.00 level.

Any more gains could push the price towards the $1.05 level. On the downside, an immediate support is near the $0.815 level. The first major support is near $0.800. Any more losses might lead the price towards the $0.75 level. A break below $0.75 could push the price towards the $0.62 level, where the bulls may perhaps take a stand.

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $1.00 and the 55 simple moving average (4-hours). Overall, the price could extend decline if there is a clear move below the $0.800 support zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining pace in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now below the 40 level.

Key Support Levels – $0.80 and $0.75.

Key Resistance Levels – $0.90 and $0.95.

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