Cardano (ADA) Price Analysis: Risk of More Downsides Below $1.9

Cardano price is gaining pace below $2.00 against the US Dollar, unlike bitcoin. ADA price must stay above $1.92 to avoid more losses in the coming sessions.

Cardano Price Analysis

After forming a base above $2.00, cardano price started a fresh increase against the US Dollar. The ADA/USD pair gained pace for a move above the $2.20 level and the 55 simple moving average (4-hours).

The price struggled to clear the $2.40 resistance zone. A high was formed near $2.38 before there was a fresh decline. The bears gained strength for a move below the $2.20 support zone. Besides, there was a break below a major bullish trend line with support near $2.00 on the 4-hours chart.

The price traded below the $2.00 support zone and the 55 simple moving average (4-hours). The price traded as low as $1.915, and it is now consolidating losses. On the upside, an initial hurdle is near the $1.96 level. It is near the 23.6% Fib retracement level of the downward move from the $2.09 swing high to $1.915 low.

The first key resistance is near the $2.00 level. It is close to the 50% Fib retracement level of the downward move from the $2.09 swing high to $1.915 low. The main resistance is forming near $2.08 and the 55 SMA.

If there is an upside break above the $2.08 zone, the price could rally above $2.10. The next major resistance could be near the $2.20 level. On the downside, an immediate support is near the $1.92 level.

The first major support is near $1.90. Any more losses might lead the price towards the $1.80 level. A close below the $1.80 level might spark more downsides. The next support is near $1.65, below which the bears could gain strength in the near term.

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $2.00 and the 55 simple moving average (4-hours). Overall, the price might extend its decline below the $1.92 support zone in the near term.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is moving in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now well below the 50 level.

Key Support Levels – $1.90 and $1.80.

Key Resistance Levels – $2.08 and $2.10.

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