Cardano price failed to break the $0.0650 resistance and recently started a fresh decline. Bitcoin price is also currently under pressure below $10,250, pushing ADA further lower.
- Cardano price recovery faced a strong resistance near the $0.0650 level.
- There is a declining channel forming with resistance near $0.0592 on the 2-hours chart.
- ADA could either extend its decline towards $0.0500 or it might recover towards $0.0650.
Cardano Price Analysis (ADA to USDT)
This past week, cardano price started a decent upside correction from the $0.0497 swing low. ADA recovered above the $0.0550 and $0.0600 resistance levels. However, the recovery faced a strong resistance near the $0.0650 level.
Click to Enlarge Chart
Looking at the 2-hours chart of ADA/USDT, the pair traded as high as $0.0651 and recently started a fresh decline. There was a break below the $0.0600 support and the 25 simple moving average (2-hours).
Moreover, the price traded below an ascending channel with support at $0.0620 on the same chart. The bulls even failed to defend losses near the 50% Fib retracement level of the last major recovery from the $0.0497 low to $0.0651 high.
The price is now trading well below the $0.0580 level and is following a declining channel forming with resistance near $0.0592 on the same chart.
At the outset, the 61.8% Fib retracement level of the last major recovery from the $0.0497 low to $0.0651 high is acting as a support for cardano price near the $0.0550 level. If there is a downside break below $0.0550, the price could extend losses towards the $0.0520 and $0.0500 support levels.
To start a decent recovery, the price must break the $0.0600 resistance and the 25 simple moving average (2-hours). If there is a successful close above $0.0600, the price could retest the $0.0650 resistance area.
Overall, cardano price seems to be trading with a bearish bias below the $0.0600 pivot level. As long as ADA price is below $0.0600 and the 25 simple moving average (2-hours), there is a risk of more losses in the near term towards $0.0500. Conversely, a successful close above $0.0600 could push the price towards $0.0650 or even $0.0685.
The market data is provided by TradingView, Binance.
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