THELOGICALINDIAN - Key Highlights
Cardano amount is placed in the bearish area adjoin the US Dollar and Bitcoin. ADA/USD is acceptable to abatement added with supports on the downside at $0.2710 and $0.2600.
Cardano Price Downtrend
There was no acquittal for buyers as there was no upside move aloft $0.3000 in ADA amount adjoin the US Dollar. The amount remained in a bearish area and acclimatized beneath the $0.3000 level. It afresh faced an added affairs burden and bankrupt a acute abutment at $0.2840. It opened the doors for added losses and the amount confused beneath $0.2800 and additionally acclimatized beneath the 100 alternate simple affective average.
The contempo low formed was $0.2710 from area the amount started a accessory upside correction. An antecedent attrition on the upside is about the 23.6% Fib retracement akin of the aftermost bead from the $0.2990 aerial to $0.2710 low. There is additionally a above bearish trend line basic with attrition at $0.2780 on the alternate blueprint of the ADA/USD pair. However, the best important attrition is about the $0.2840 level. It coincides with the 50% Fib retracement akin of the aftermost bead from the $0.2990 aerial to $0.2710 low.
Therefore, if the amount corrects college from the accepted levels, it may face sellers abreast $0.2840. On the downside, a breach beneath the contempo low of $0.2710 may advance the amount appear the $0.2600 level.
Hourly MACD – The MACD for ADA/USD is placed able-bodied into the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently about the 40 level.
Major Support Level – $0.2600
Major Resistance Level – $0.2840
Charts address – Trading View
