Cardano (ADA) Price Analysis: Key Barrier Near $0.84

Republished By Plato

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ADA price started a steady decline from the $0.90 resistance against the US Dollar.
The price is now trading below $0.80 and the 55 simple moving average (4-hours).
There is a crucial bearish trend line forming with resistance near $0.835 on the 4-hours chart (data feed via Bitfinex).
The price could continue to move down if it fails to recover above the $0.840 resistance zone.

Cardano price is declining below $0.80 against the US Dollar, similar to bitcoin. ADA price could start a steady increase if it clears $0.84 and $0.85.

Cardano Price Analysis

This week, cardano price saw a fresh decline from the $0.90 resistance zone against the US Dollar. The ADA/USD pair traded below the $0.85 and $0.82 support levels to move into a bearish zone.

The price even settled below $0.80 and the 55 simple moving average (4-hours). It even spiked below the $0.750 level and traded as low as 0.7357. The price is now correcting losses and trading above the $0.750 level. There was a move above the 23.6% Fib retracement level of the recent decline from the $0.904 swing high to $0.735 low.

On the upside, an immediate resistance is near the $0.820 level and the 55 simple moving average (4-hours). There is also a crucial bearish trend line forming with resistance near $0.835 on the 4-hours chart.

The trend line is near the 50% Fib retracement level of the recent decline from the $0.904 swing high to $0.735 low. The next key resistance might be near the $0.840 level. A clear upside break above the $0.840 level might send the price towards the $0.90 resistance.

The next key resistance might be near the $1.00 level. Any more gains could start a steady increase towards the $1.05 level in the near term.

On the downside, an immediate support is near the $0.762 level. The next major support is near the $0.735 level. If there are additional losses, the price may perhaps decline towards the $0.70 support level. A break below $0.70 could push the price towards the $0.65 level.

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.80 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to recover above the $0.840 resistance zone.