Cardano Price Analysis: ADA/USD Is In Downtrend

2018-6-18 11:00

Key Highlights ADA price started a fresh downside move from the $0.1750 swing high against the US Dollar (tethered). There is a crucial bearish trend line forming with resistance at $0.1600 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair may perhaps continue to move down towards the $0.1550 and $0.1505 support levels.

Cardano price failed to move higher and declined against the US Dollar and Bitcoin. ADA/USD is likely to extend the current decline towards the $0.1505 level.

Cardano Price Analysis

This past week, there was a minor upside recovery from the $0.1460 swing low in ADA price against the US Dollar. The price climbed above the $0.1500 and $0.1600 resistance levels, but it failed to hold gains. A top was formed around the $0.1740 level before the price started a downside move. It declined and broke the $0.1650 and $0.1600 support levels to settle below the 100 hourly simple moving average. There was also a break below the 50% Fib retracement level of the last wave from the $0.1462 low to $0.1746 high.

At the moment, the price is trading well below the $0.1650 level and the 100 hourly SMA. It is testing the 61.8% Fib retracement level of the last wave from the $0.1462 low to $0.1746 high. A break below the $0.1550 support level may well call for more slides towards the $0.1505 level in the near term. On the upside, there is a crucial bearish trend line forming with resistance at $0.1600 on the hourly chart of the ADA/USD pair.

The chart indicates the price could extend declines as long as it is below $0.1650 and the 100 hourly SMA. The most important support on the downside is at $0.1505 where buyers may put to test.

Hourly MACD – The MACD for ADA/USD is placed nicely in the bearish zone.

Hourly RSI – The RSI for ADA/USD is declining towards the 20 level.

Major Support Level – $0.1505

Major Resistance Level – $0.1600

The post Cardano Price Analysis: ADA/USD Is In Downtrend appeared first on NewsBTC.

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Cardano (ADA) на Currencies.ru

$ 0.4307 (+0.38%)
Объем 24H $564.399m
Изменеия 24h: -3.73 %, 7d: 1.41 %
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ada price usd cardano move pair downtrend

Источник: newsbtc.com

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