Cardano price failed to recover above $0.0680 and traded below the key $0.0657 support. ADA is currently in a downtrend and it could extend losses versus the USD and bitcoin.
- Cardano price declined below the main $0.0657 support to enter a bearish zone.
- There is a key bearish trend line forming with resistance near $0.0705 on the 2-hours chart.
- ADA could decline towards the $0.0616 support before it could start a decent rebound.
Read: Trade at Plus500
Cardano Price Analysis (ADA to USD)
Earlier this week, there was a strong bounce in cardano price from the $0.0657 support area. ADA price climbed above the $0.0700 resistance level and traded as high as $0.0739 before starting a fresh decline below $0.0720.
Click to Enlarge Chart
Looking at the 2-hours chart of ADA/USD, the pair gained bearish momentum after it broke the $0.0720 and $0.0700 support levels. The decline was strong as the price settled below the $0.0700 level and the 25 simple moving average (2-hours).
The price even broke the 76.4% Fib retracement level of the upward move from the $0.0663 swing low to $0.0739 high. It opened the doors for more downside below the $0.0663 swing low. More importantly, the price broke the main $0.0657 support to enter a bearish zone.
Finally, there was a break below the 1.236 Fib extension level of the upward move from the $0.0663 swing low to $0.0739 high. The price is currently trading well below $0.0650 and with a bearish angle.
An immediate support is near the $0.0620 level, below which the price could test 1.618 Fib extension level of the upward move from the $0.0663 swing low to $0.0739 high at $0.0616.
Bitcoin price rallied recently to a new 2019 above $6,200 on Bitfinex, but most altcoins such as Ethereum, ripple, bitcoin cash, litecoin, binance coin and tron failed to gain traction.
Therefore, cardano price is likely to struggle in the near term as long as it is below the $0.0650 and $0.0660 resistance levels (the previous supports). The main target for sellers might be $0.0616 before ADA attempts a strong comeback.
The market data is provided by TradingView, Binance.
The post Cardano (ADA) Price Prediction: Key Support Break Suggests More Declines appeared first on Blockonomi.