Cardano Price Analysis: ADA/USD At Risk of More Declines Below $0.16

Key Highlights

  • ADA worth declined just lately and traded close to a key assist at $Zero.1600 towards the US Greenback (tethered).
  • There’s a main bearish development line in place with resistance at $Zero.1720 on the hourly chart of the ADA/USD pair (information feed through Bittrex).
  • The pair stays at a danger of extra declines beneath the $Zero.1600 assist within the close to time period.

Cardano worth declined just lately towards the US Greenback and Bitcoin. ADA/USD should keep above the $Zero.1600 assist to keep away from an prolonged decline to $Zero.1500.

Cardano Price Evaluation

There have been a pair of makes an attempt by cardano worth to clear the $Zero.1780-Zero.1800 resistance towards the US Greenback. The ADA/USD pair failed to achieve traction and fashioned swing highs close to $Zero.1800, $Zero.1780 and $Zero.1750. It moved down and broke a short-term assist at $Zero.1700. There was even a detailed beneath the $Zero.1680 stage and the 100 hourly easy shifting common.

Nevertheless, the draw back transfer stalled close to the $Zero.1600 assist. The value is presently consolidating above the $Zero.1600 assist with a number of bearish indicators. On the upside, an preliminary resistance is close to the 50% Fib retracement stage of the final decline from the $Zero.1755 excessive to $Zero.1601 low. Above this, there’s a main bearish development line in place with resistance at $Zero.1720 on the hourly chart of the ADA/USD pair. The development line resistance is near the 76.four% Fib retracement stage of the final decline from the $Zero.1755 excessive to $Zero.1601 low. Furthermore, the 100 hourly easy shifting common can be close to $Zero.1710.

The chart signifies that the value might appropriate greater in direction of the $Zero.1700 and $Zero.1720 resistance ranges. Nevertheless, a break above $Zero.1720 resistance received’t be simple. On the draw back, a break beneath the $Zero.1600 assist might maybe push the value additional decrease in direction of the $Zero.1500 stage.

Hourly MACD – The MACD for ADA/USD is presently decreasing its bearish slope.

Hourly RSI – The RSI for ADA/USD is shifting decrease in direction of the 30 stage.

Main Help Stage – $Zero.1600

Main Resistance Stage – $Zero.1720

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