Cardano had previously been trading at 0.0560 and couldn’t hold up. It fell below the 0.0550 dollar support and kept going lower.
The ADA/USD pair that had it at the 0.0520 dollar support which was also the fifty-five (55) moving average (MA) mark.
ADA’s fall from there led it to the monthly low at $0.0475 from where not only did it rebound back to the $0.0500 territory but also kept inclining above the $0.0520 mark. The resistance level for ADA currently is the $0.0560 mark.
Cardano ADA price analysis: What to expect?
The fifty percent (50%) Fibonacci retracement level between the range: $0.0561 as the high spot and $0.0498 on the lower end – the latter bound being the point where ADA hit once before rebounding back to the fifty-five (55) moving average at $0.0520. The Fibonacci retracement level puts a $0.0529 resistance in the graph.
Moving along, on the bullish side, ADA will be facing the $0.0540 resistance mark along with a new park close by at $0.0542 at shown by the four-hour chart. Next in line is the $0.0531 mark that emerges out of the sixty-one percent (61.8%) Fibonacci retracement levels in the range $0.0561 to $0.0498.
If ADA price does not pass the 0.0540 dollars mark at the very least a bearish trend will follow with immediate support at $0.0500 mark. Next is the 0.0475 mark if the $0.0500 mark fails to sustain ADA. Finally, we have the $0.0450 as a support mark on the lowest of terms.
The moving average convergence/divergence (MACD) is bearish while the relative strength index (RSI) is looking a bit bullish while being above the mark labeled fifty (50).
— Cardano Community (@Cardano) August 14, 2019