Cardano Price Technical Analysis – ADA/USD Probably Goes Lower

Key points

• The ADA price started a new downward move and fell below $0.3500 against the US dollar (tied).
  There was a break below the key line of the bullish trend with support at $0.3 on the hourly chart of the ADA / USD pair (data from Bittrex).
  Currently, the pair is testing basic support at $0.32, but it still runs the risk of losing more.
  

Cardano price is struggling to stay in the positive zone against the US dollar and bitkoyna. ADA / USD can extend the current decline below $0.3200 in the short term.
After a decent growth rate above $0.3700, the ADA price faced resistance of about $0.3750-0.3800 against the US dollar. The price started to move down and fell below $0.3600 support and 100 hourly simple moving average. The decline was such that the price even broke the 50% Fib retracement level of the latest wave from 0.3000 swings to a level of 0.3900 dollars.
The chart shows that the price is at risk of falling below $0.3200. If sellers push the price below support of $0.3200, it may further decline in the region of $0.300. The MACD for ADA/USD is placed heavily in the bearish zone. The StochRSI for ADA/USD is currently near oversold zone.