Cardano’s (ADA) price has continued to extend its decline against the USD currently trading in a bearish territory below $0.1500. The price is facing a bearish trendline that has formed resistance at $0.1450. If the price action doesn't improve, the Cardano to USD trading pair will move downward more toward the $0.1400 and even $0.1380 support levels soon. The price is facing serious bearish pressure and will most likely test the $0.1400 support level again if the sellers don't retreat.
Cardano’s (ADA) Price Analysis Against the USD
The Cardano to USD trading pair has initiated a downward move from $0.1580. This was when the decline started and the price fell below the $0.1500 support moving into the bearish territory. The Cardano to USD trading pair subsequently formed an intermediate high at $0.1494 and continued moving in the bearish zone. A few hours ago, it broke the $0.1460 support and also broke the 100 hourly SMA. The Cardano to USD pair has broken the 50% Fibonacci retracement level of the last rise from $0.1375 to $0.1494.
Cardano (ADA) Price Today / USD
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If the price action doesn't change, the price may go below the $0.1420 level. There is currently an immediate support at the 76.4% Fibonacci retracement levels of the last rise from $0.1375 to $0.1494 according to the price analysis of Aayush Jindal from NewsBTC. Anything below this support will encourage more price decline and if care isn't taking, Cardano’s (ADA) will test the $0.1375 low again. There is upward resistance at $0.1450 with a significant bearish trendline.
Cardano’s (ADA) Price Technical Analysis
All indications show that the price is ready for an extended correction. The $0.1400 is a significant support level short-term. If the price is able to hold above this level, there might be hope of an upward correction. Otherwise, the declines may continue up to the $0.1375 level. The relative strength index is below 50. The significant support level is $0.1400 and the significant resistance level is $0.1460.
Posted from my blog with SteemPress : https://smartereum.com/23466/cardanos-ada-price-continues-to-decline-against-the-usd-trading-below-the-0-1500-support-level/