THELOGICALINDIAN - Key Highlights
Cardano amount is beneath burden adjoin the US Dollar and Bitcoin. ADA/USD could extend declines as continued as it is beneath the $0.1700 level.
Cardano Price Analysis
In the aftermost analysis, we discussed that cardano amount remained at a accident of added losses beneath $0.1600 adjoin the US Dollar. The ADA/USD brace did move bottomward and bankrupt the $0.1600 support. It traded as low as $0.1560 and after recovered. However, the upside move was capped by the $0.1700 akin and the 100 alternate simple affective average. The amount beneath already afresh and is currently trading abreast the $0.1600 level.
On the upside, an antecedent attrition is abreast the $0.1620 akin and the 23.6% Fib retracement akin of the aftermost bead from the $0.1691 aerial to $0.1595 low. Aloft this, the abutting key attrition is abreast the $0.1650 level. It coincides with the 50% Fib retracement akin of the aftermost bead from the $0.1691 aerial to $0.1595 low. Moreover, there is a acute bearish trend band formed with attrition at $0.1680 on the alternate blueprint of the ADA/USD pair. A successful close aloft the trend band and $0.1680 is bare for added assets in ADA.
The chart indicates that the amount is acutely beneath a lot of burden beneath $0.1700. If it fails to break aloft the $0.1580 and $0.1560 abutment levels, there could be a accelerate appear $0.1500. Overall, buyers charge to advance the amount aloft $0.1700 to abstain added declines.
Hourly MACD – The MACD for ADA/USD is placed in the bearish zone.
Hourly RSI – The RSI for ADA/USD is affective lower appear the 40 level.
Major Support Level – $0.1580
Major Resistance Level – $0.1700
