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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Cardano Price Analysis: ADA/USD Could Drop Towards $0.070

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis cardano

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • ADA price failed to move above the $0.0770 and $0.0800 resistance levels against the US Dollar (tethered).
  • There is a crucial bearish trend line in place with resistance at $0.0755 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is currently at a risk of a downside break below the $0.0740 support in the near term.

Cardano price is under pressure against the US Dollar and Bitcoin. ADA/USD is likely to slide further towards the $0.0720 and $0.0700 support levels.

Cardano Price Analysis

During the past few days, cardano price made many attempts to rally above the $0.0800 resistance against the US Dollar. The ADA/USD pair struggled to clear $0.0800 and it recently declined. The price formed a decent support near the $0.0740 level and later recovered. However, the $0.0770 level acted as a strong resistance and pushed the price down again.

At the moment, the price is trading near the $0.0740 support with a bearish angle. An initial resistance is the 23.6% Fibonacci retracement level of the recent decline from the $0.0770 high to $0.0742 low. More importantly, there is a crucial bearish trend line in place with resistance at $0.0755 on the hourly chart of the ADA/USD pair. The same trend line is near the 50% Fibonacci retracement level of the recent decline from the $0.0770 high to $0.0742 low. Above the trend line, the 100 hourly simple moving average is positioned at $0.0760. Therefore, a proper break above the $0.0755 and $0.0760 resistance levels is needed for an upward move.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is currently at a risk of a downside break below the $0.0740 support. If sellers succeed, the price may perhaps slide towards the $0.0720 or $0.0700 support in the near term.

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

Hourly RSI – The RSI for ADA/USD is currently well below the 50 level.

Major Support Level – $0.0740

Major Resistance Level – $0.0760

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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