Key Highlights

Cardano price is slowly moving lower against the US Dollar and Bitcoin. ADA/USD could accelerate declines towards the $0.0720 support in the near term.

Recently, cardano price settled below the $0.0800 support level against the US Dollar. It resulted in a fresh decline and the ADA/USD pair declined below the $0.0780 support and the 100 hourly simple moving average. During the decline, the price traded below the 50% Fibonacci retracement level of the last major wave from the $0.0703 low to $0.0820 high.

More importantly, there was a break below a key bullish trend line with support at $0.0760 on the hourly chart of the ADA/USD pair. The pair settled below the $0.0760 support, which is a short term bearish sign. The next support is near the $0.0730 level. It represents the 76.4% Fibonacci retracement level of the last major wave from the $0.0703 low to $0.0820 high. Below $0.0730, the price will most likely decline towards the $0.0720 support area. If there is an upside correction, the $0.0760 level and the 100 hourly SMA are likely to act as hurdles. Above the $0.0760 resistance, the price may resume its upward move.

The chart indicates that ADA price moved into a short term bearish zone below the $0.0760 support and the 100 hourly SMA. If buyers struggle to push the price back above $0.0760 and $0.0762, there could be more losses towards $0.0720.

Hourly MACD – The MACD for ADA/USD is placed heavily in the bearish zone.

Hourly RSI – The RSI for ADA/USD is currently attempting a recovery from the 30 level.

Major Support Level – $0.0720

Major Resistance Level – $0.0762

The post Cardano Price Analysis: ADA/USD Could Extend Declines To $0.072 appeared first on NewsBTC.

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