Cardano (ADA) Pulls Back, Will Bears Push It Lower Again?

Source Newsbtc

Cardano price started a downside correction from the $1.020 zone. ADA is now showing some bearish signs and might decline toward $0.80.

  • ADA price started a downside correction below the $0.920 support zone.
  • The price is trading below $0.90 and the 100-hourly simple moving average.
  • There is a key bearish trend line forming with resistance at $0.940 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could extend losses if it trades below the $0.80 region.

Cardano Price Trims Gains

After a steady increase, Cardano faced sellers above the $1.00 level started a fresh decline, like Bitcoin and Ethereum. ADA traded below the $0.950 and $0.920 support levels.

There was a move below the $0.90 support. The bears pushed the price below the 50% Fib retracement level of the upward move from the $0.7650 swing low to the $1.020 high. There is also a key bearish trend line forming with resistance at $0.940 on the hourly chart of the ADA/USD pair.

Cardano price is now trading below $0.90 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.880 zone.

Cardano Price

The first resistance is near $0.8920. The next key resistance might be $0.940. If there is a close above the $0.940 resistance and the trend line, the price could start a strong rally. In the stated case, the price could rise toward the $1.00 region. Any more gains might call for a move toward $1.050 in the near term.

More Losses In ADA?

If Cardano’s price fails to climb above the $0.940 resistance level, it could start another decline. Immediate support on the downside is near the $0.840 level.

The next major support is near the $0.8250 level and the 76.4% Fib retracement level of the upward move from the $0.7650 swing low to the $1.020 high. A downside break below the $0.8250 level could open the doors for a test of $0.80. The next major support is near the $0.780 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.8400 and $0.8250.

Major Resistance Levels – $0.9200 and $0.9400.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Google Hit with $35 Million Penalty in Australia Over Anti-Competitive PracticesAlphabet Inc.’s Google (NASDAQ: GOOGL) faces a A$55 million ($35.4 million) penalty from Australia’s competition regulator over anti-competitive agreements with major telecom operators.
Author  Mitrade
8 Month 18 Day Mon
Alphabet Inc.’s Google (NASDAQ: GOOGL) faces a A$55 million ($35.4 million) penalty from Australia’s competition regulator over anti-competitive agreements with major telecom operators.
placeholder
Asia Stocks Pause as Fed, Russia-Ukraine Talks Weigh on SentimentAsian stocks traded in a narrow range on Tuesday, easing after strong gains in the prior session as investors stayed cautious over ongoing Russia-Ukraine peace negotiations and awaited fresh policy signals from the U.S. Federal Reserve.
Author  Mitrade
Yesterday 03: 05
Asian stocks traded in a narrow range on Tuesday, easing after strong gains in the prior session as investors stayed cautious over ongoing Russia-Ukraine peace negotiations and awaited fresh policy signals from the U.S. Federal Reserve.
placeholder
Australian Consumer Confidence Hits 3-Year High on RBA Rate CutsAustralian consumer sentiment soared to its highest level in over three years in August, buoyed by recent Reserve Bank of Australia (RBA) rate cuts and easing cost-of-living pressures, according to a Westpac-Melbourne Institute survey released Tuesday.
Author  Mitrade
Yesterday 03: 12
Australian consumer sentiment soared to its highest level in over three years in August, buoyed by recent Reserve Bank of Australia (RBA) rate cuts and easing cost-of-living pressures, according to a Westpac-Melbourne Institute survey released Tuesday.
placeholder
Small Caps and Value Stocks Lead Gains as S&P 500 AdvancesLast week, the S&P 500 continued its upward momentum despite notable shifts in market leadership.
Author  Mitrade
Yesterday 07: 12
Last week, the S&P 500 continued its upward momentum despite notable shifts in market leadership.
placeholder
OpenAI Introduces Lowest-Cost ChatGPT Subscription in India with UPI Payment OptionOn Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
Author  Mitrade
Yesterday 07: 20
On Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
goTop
quote