Cardano (ADA) Price Analysis: Risk of More Losses Below $1.75
Cardano price is struggling below the $2.00 resistance against the US Dollar, unlike bitcoin. ADA price must clear $2.00 to start a fresh increase.
Cardano Price Analysis
After a close below $2.00, cardano price started another major decline against the US Dollar. The ADA/USD pair traded below the $1.92 support level to enter a bearish zone.
The bears gained strength for a move below the $1.85 level. The price even traded below the $1.80 level. It is now trading below $2.00 and the 55 simple moving average (4-hours). A low is formed near $1.76 and the price is now consolidating losses.
An immediate resistance on the upside is near the $1.80 level. It is close to the 23.6% Fib retracement level of the downward move from the $1.95 swing high to $1.76 low.
The next major resistance is near the $1.85 level. There is also a key bearish trend line forming with resistance near $1.84 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the downward move from the $1.95 swing high to $1.76 low.
A clear break above the trend line resistance could pump the price towards the $2.00 level. Any more gains could push the price towards the $2.20 level.
On the downside, an immediate support is near the $1.75 level. The first major support is near $1.70. Any more losses might lead the price towards the $1.55 level, 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 start a fresh increase if it manages to clear the $1.85 resistance zone.
4 hours MACD – The MACD for ADA/USD is moving in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now back below the 50 level.
Key Support Levels – $1.75 and $1.70.
Key Resistance Levels – $1.85 and $1.80.
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