Wednesday, July 10, 2019

Cardano (ADA) Price At Risk of Significant Decline

  • ADA price failed to climb above $0.0825 and recently declined below $0.0800 against the US Dollar.
  • The price is trading in a bearish zone below the key $0.0800 support area.
  • There was a break below an ascending channel with support at $0.0790 on the 4-hours chart (data feed via Kraken).
  • The price could decline heavily if it breaks the $0.0755 and $0.0750 support levels in the near term.

Cardano price is currently under a lot of pressure against the US Dollar and bitcoin. ADA remains at a risk of a significant decline if it breaks the $0.0750 support area.

Cardano Price Analysis

Recently, there was a decent recovery in cardano price above the $0.0800 level against the US Dollar. The ADA/USD pair even spiked above the $0.0820 level, but it struggled to continue higher. A swing high was formed at $0.0824 and the price declined recently. It broke the key $0.0800 support area and settled below the 55 simple moving average (4-hours).

Moreover, there was a break below an ascending channel with support at $0.0790 on the 4-hours chart. The pair even broke the $0.0780 support level and traded as low as $0.0758. It is currently consolidating, with an initial resistance near the $0.0780. The 23.6% Fibonacci retracement level of the last decline from the $0.0824 high to $0.0758 low is just below $0.0780.

On the upside, there is a strong resistance forming near the $0.0792 level and the 55 simple moving average (4-hours). The 50% Fibonacci retracement level of the last decline from the $0.0824 high to $0.0758 low is also near the $0.0792 level. However, a successful close above the $0.0800 level is needed for an increase towards the $0.0820 resistance.

If there is a break above the $0.0820 and $0.0825 resistance levels, the price could start a strong recovery. Conversely, if the price fails to climb above $0.0800 or $0.0820, it could decline further. The main supports are near $0.0758, $0.0755 and $0.0750. If there is a downside break below the $0.0750 support, the price could decline heavily in the near term.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is currently trading just above the key $0.0758, $0.0755 and $0.0750 support levels. If it fails to recover above $0.0800 and $0.0820, sellers might look for a downside break in the next few sessions. The next main support below $0.0750 could be near the $0.0700 level.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is now well below the 50 level, with a flat structure.

Key Support Levels – $0.0755 and $0.0750.

Key Resistance Levels – $0.0800 and $0.0825.

The post Cardano (ADA) Price At Risk of Significant Decline appeared first on Live Bitcoin News.



Cardano (ADA) Price At Risk of Significant Decline

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.


Blockchain 101 · Crytpo Currency Market
---------------------------------------------------
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange