Cardano (ADA) Price Analysis: Trading Near Make-or-Break Lev...
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Cardano (ADA) Price Analysis: Trading Near Make-or-Break Levels


  • ADA price extended its decline below the $0.1000 support zone against the US Dollar.
  • The price is currently consolidating above the key $0.0850 support, but it is below the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.0950 on the 4-hours chart (data feed via Kraken).
  • The price is likely to accelerate higher if it clears the $0.0950 and $0.1000 levels in the near term.

Cardano price is currently consolidating above $0.0850 against the US Dollar, similar to bitcoin near $10,000. ADA price could either rally above $0.1000 or a breakdown below $0.0850.

Cardano Price Analysis

This past week, there was a sharp decline in cardano price below the $0.1000 support against the US Dollar. The ADA/USD pair even traded below the $0.0950 support and settled below the 55 simple moving average (4-hours).

It traded as low as $0.0856 and it seems like the price is currently consolidating above the key $0.0850 support. There was a minor upside correction above the $0.0900 level. It broke the 23.6% Fibonacci retracement level of the downward move from the $0.1039 high to $0.0856 low.

On the upside, cardano price is facing a major resistance near the $0.0950 level. There is also a major bearish trend line forming with resistance near $0.0950 on the 4-hours chart.

The trend line is close to the 50% Fibonacci retracement level of the downward move from the $0.1039 high to $0.0856 low. A clear break above the trend line resistance and then $0.1000 barrier is needed to start a decent recovery wave.

The next major resistance is near the $0.1050 level or the 55 simple moving average (4-hours). Any further gains could start a steady rise towards the $0.1120 level in the coming sessions.

Conversely, the price might restart its decline below the $0.0900 level. The main support is near the $0.0850 level, below which the bears are likely to aim another 10% decline.

Cardano Price

The chart indicates that ADA price is clearly currently consolidating above the key $0.0850 support, but it is below the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher if it clears the $0.0950 and $0.1000 levels in the near term.

Technical Indicators

4 hours MACD ? The MACD for ADA/USD is slowly moving into the bullish zone.

4 hours RSI ? The RSI for ADA/USD is now just above the 40 level.

Key Support Levels ? $0.0900 and $0.0850.

Key Resistance Levels ? $0.0950 and $0.1000.

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Born in Bucharest, Marius is the founder of Crypto Adventure and Co-founder of Crypto Press. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.