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Cardano (ADA) Price Analysis: Key Support Nearby At $2

ADA price is struggling to clear the $2.32 and $2.35 resistance levels against the US Dollar.
The price is now trading below $2.20 and the 55 simple moving average (4-hours).
There is a key bearish trend line forming with resistance near $2.20 on the 4-hours chart (data feed via Bitfinex).
The price might start a fresh increase unless there is a break below $2.00.

Cardano price is struggling below the $2.32 resistance against the US Dollar, unlike bitcoin. ADA price must clear $2.20 to start a fresh increase.

Cardano Price Analysis

After a close above $2.20, cardano price attempted a break above the $2.32 resistance zone against the US Dollar. The ADA/USD pair failed on two occasions near the $2.32 zone.

As a result, there was a bearish reaction below the $2.25 support level. There was a break below the $2.20 resistance and the 55 simple moving average (4-hours). The price even traded below the $2.15 level. A low is formed near $2.07 and it is now consolidating losses.

An initial resistance on the upside is near the $1.15 level. It is near the 23.6% Fib retracement level of the recent decline from the $2.37 swing high to $2.07 low.

The first key resistance is near the $2.20 level. There is also a key bearish trend line forming with resistance near $2.20 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the recent decline from the $2.37 swing high to $2.07 low.

A clear break above the trend line might open the doors for a fresh move towards $2.32. If there is an upside break above the $2.32 zone, the price could rally above $2.40. The next major resistance could be near the $2.65 level.

On the downside, an immediate support is near the $2.07 level. The first major support is near $2.02. Any more losses might lead the price towards the $2.00 level, below which the bears could gain strength.

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $2.20 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase unless there is a break below $2.00.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is moving in the bearish zone.

4 hours RSI – The RSI for ADA/USD is well below the 50 level.

Key Support Levels – $2.02 and $2.00.

Key Resistance Levels – $2.20 and $2.32.

The post Cardano (ADA) Price Analysis: Key Support Nearby At $2 appeared first on Live Bitcoin News.

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