Wednesday, October 23, 2019

Cardano (ADA) Price Analysis: Bears Sighting Fresh Monthly Lows

  • ADA price struggled to surpass the $0.0400 resistance and decline recently against the US Dollar.
  • The price is currently declining and is trading near the key $0.0375 support area.
  • There is a major bearish trend line forming with resistance near $0.0395 on the 4-hours chart (data feed via Kraken).
  • The price could continue to move down below $0.0375 and $0.0360 in the coming sessions.

Cardano price is trading with a bearish bias against the US Dollar and bitcoin. ADA price could revisit the $0.0360 and $0.0350 support levels in the near term.

Cardano Price Analysis

After forming a support base near $0.0375, cardano price started an upside correction against the US Dollar. ADA/USD moved above the $0.0385 and $0.0390 resistance levels to start the correction.

Moreover, there was a break above the 23.6% Fibonacci retracement level of the downward move from the $0.0419 high to $0.0374 low. The price even spiked above $0.0395 and the 55 simple moving average (4-hours).

However, it failed to gain strength above the $0.0400 resistance level. It seems like the 50% Fibonacci retracement level of the downward move from the $0.0419 high to $0.0374 low acted as a strong resistance for the bulls.

There is also a major bearish trend line forming with resistance near $0.0395 on the 4-hours chart. As a result, cardano restarted its decline below $0.0390 and the 55 simple moving average (4-hours).

The price broke the $0.0380 support area and it is now trading near the key $0.0375 support area. If there is a downside break below the $0.0375 support, the price is likely to accelerate its decline towards the $0.0360 support area.

Any further downsides might push the price towards the $0.0350 support. On the upside, there is a strong resistance forming near $0.0390, $0.0.395, the bearish trend line, and the 55 SMA.

Therefore, a successful break above the trend line and $0.0400 is needed for a solid recovery in the coming days. The next resistance above $0.0400 is near the $0.0430 area.

Cardano Price

Cardano Price

The chart indicates that ADA price is gaining bearish momentum below $0.0380 and it seems like it could even break the $0.0375 support area. More importantly, if the price fails to stay above the $0.0360 support, there is a risk of a sharp decline towards $0.0325. Conversely, a close above the $0.0400 resistance may perhaps negate the current bearish view.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is currently well below the 45 level, with a negative bias.

Key Support Levels – $0.0375 and $0.0360.

Key Resistance Levels – $0.0395 and $0.0400.

The post Cardano (ADA) Price Analysis: Bears Sighting Fresh Monthly Lows appeared first on Live Bitcoin News.



Cardano (ADA) Price Analysis: Bears Sighting Fresh Monthly Lows

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.


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