Cardano (ADA) had a key bullish trendline which held support at $0.1500. Unfortunately, the price broke below this support level and moved into a bearish zone. At the time of writing, the ADA to. USD trading pair was trading in the bearish territory below $0.1450. The price has been unable to gain momentum and if the decline continues, ADA might fall as low as $0.1300.
Cardano Price Analysis Today, July 6th
During the trading session this morning, Cardano tried to move above the $0.1600 resistance level against the USD. Unfortunately, the Cardano to USD trading pair was unable to gather momentum and moved down to the $0.1550 level. According to Aayush Jindal, a cryptocurrency analyst, the trading pair broke below the 23.6% Fibonacci retracement level of the last rise from $0.1132 to $0.1607.
Cardano (ADA) Price Today / USD
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This was what paved a way for more loses and pushed the price below the $0.1500 support level. The pair didn't just break the $0.1500 bullish trendline but also broke the $0.1450 support. There was an immediate support formed around the 50% Fibonacci retracement level of the last rise from $0.1132 to $0.1607 placed at $0.1370. If the price falls below this level, it may slide towards $0.1300 and break this support level as well. Anything more than this may send the price all the way south to the $0.1250 level.
Technical Indicators of Cardano Price Analysis
From the technical indicators, ADA settled below the $0.1450 support level. This support might act as a resistance if ADA attempts an upside move against the USD. Also, the 100 hourly simple moving average and the $0.1500 level now serve as hurdles for buyers. The relative strength index of the price action is below 40 and is moving lower. The MACD on the hourly chart is fully in the bearish territory. The significant resistance level is $0.1450 while the significant support is $0.1350.
Posted from my blog with SteemPress : https://smartereum.com/22676/cardano-price-analysis-cardano-ada-falls-below-the-0-1500-support-levels-as-the-bears-take-over-the-market/