Cardano Price Analysis: ADA/USD Decline Below $0.030 Looks Real

Key Highlights

  • 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…

Read Full Story : NewsBTC

2018-12-07 08:28:37

You Might Be Interested In


Your email address will not be published. Required fields are marked *