ADA price extended losses below the $0.0620 and $0.0600 support levels against the US Dollar (tethered).
There was a break below a connecting bullish trend line with support at $0.0614 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair is currently trading well below $0.0600 and it could continue to move down in the near term.
Cardano price fell significantly recently against the US Dollar and Bitcoin. ADA/USD is likely to decline further towards the $0.0530 level.
Cardano Price Analysis
In the last analysis, we discussed that cardano price could extend losses below $0.0620 against the US Dollar. The ADA/USD pair did decline recently and traded below the $0.0620 and $0.0600 support levels. There was even a close below the $0.0600 support and the 100 hourly simple moving average. The last swing high was formed near $0.0640 from where the price started a solid decline.
During the drop, there was a break below a connecting bullish trend line with support at $0.0614 on the hourly chart of the ADA/USD pair. More importantly, the price traded below the last swing low of $0.0579. The next support is at $0.0560, which is the 1.236 Fibonacci extension level of the last wave from the $0.0579 low to $0.0649 high. The current price action is super bearish below $0.060. Thus, there are high chances of more losses towards the $0.0535 level. It represents the 1.618 Fibonacci extension level of the last wave from the $0.0579 low to $0.0649 high.
The chart indicates that ADA price settled below a few key support at $0.0600 and the 100 hourly SMA. To recover, the price must climb above $0.0600, $0.06200. If buyers fail to gain traction, the price will most likely slide below $0.0550 in the near term.
Hourly MACD – The MACD for ADA/USD is gaining strength in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently below the 30 level.
Major Support Level – $0.0550
Major Resistance Level – $0.0620
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Source: New feedNewsBTC.com