Cardano Price Analysis: ADA/USD Could Correct Towards $0.075
- ADA price traded above the $0.0800 resistance before correcting lower against the US Dollar (tethered).
- There was a break below a major bullish trend line with support at $0.0785 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair remains at a risk of more declines below the $0.0770 and $0.0760 levels in the near term.
Cardano price is currently correcting lower against the US Dollar and Bitcoin. ADA/USD could slide towards $0.0750 if sellers remain in action in the coming sessions.
Cardano Price Analysis
In the last analysis, we discussed that cardano price could climb higher towards the $0.0800 level against the US Dollar. The ADA/USD pair did gain pace and it not only tested the $0.0800 level, but buyers pushed the price towards $0.0820. A high was formed at $0.0821 and settled above the 100 hourly simple moving average. Later, there was a downside correction and the price declined below $0.0800.
During the slide, there was a break below a…
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