Cardano ADA price analysis reveals that the ADA price is currently correcting near the $0.0500 level after it fell to the 0.0475 dollars mark.
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
Whereas, Cardano version 1.6 is about to be launched and that is also expected to give some push to the ADA price action.