Cardano Price Analysis: ADA/USD Decline Below $0.030 Looks Real
- ADA price declined heavily and broke the $0.0320 and $0.0300 support levels against the US Dollar (tethered).
- There are two bearish trend lines formed with resistance at $0.0320 and $0.0350 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair could correct higher in the short term, but upsides remain capped near $0.0320 and $0.0310.
Cardano price is under heavy selling pressure against the US Dollar and Bitcoin. ADA/USD may continue to decline and it could test the $0.0260 support.
Cardano Price Analysis
There were continuous declines from the $0.0360 swing high in cardano price against the US Dollar. The ADA/USD pair declined heavily and broke the $0.0320 and $0.0300 support levels. There was even a close below $0.0300 and the price is now well below the 100 hourly simple moving average. A new multi month low was formed at $0.0288 and the price is currently placed heavily in the bearish zone.
An initial resistance is near the 23.6% Fibonacci…
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