- Cardano fails to keep the previous day’s recovery moves, stay pressured below 21-day SMA.
- Clear trading below immediate SMA, bearish MACD direct sellers to nearby support line.
- Five-week-old horizontal area adds to the upside filters, 50-day SMA tests bears as well.
ADA/USD remains depressed below 21-day SMA, currently down 1.15% to $1.1022, during early Wednesday. In doing so, the cryptocurrency pair stays below the immediate SMA for the third day in a row.
Not only the sustained break of 21-day SMA but a clear downside past-horizontal region comprising multiple levels since February 20 and bearish MACD also favor Cardano sellers.
As a result, ADA/USD sellers are currently eyeing the short-term support line, at $1.0780 now. However, the quote’s further downside will be tested by 50-day SMA and the monthly low, respectively around $1.0260 and $0.9870.
It’s worth mentioning that the pair’s downside break of $0.9870 will not hesitate to challenge the late-February levels near $0.8000.
On the flip side, a clear break above 21-day SMA and stated horizontal hurdle, near 1.1520 and 1.2015 in that order, will recall the ADA bulls.
Though, the monthly high of 1.4720 and February’s top surrounding 1.4850 will be tough nuts to crack for ADA/USD buyers afterward.
ADA/USD daily chart
Trend: Further weakness expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple stablecoin unlikely to invite legal trouble from SEC, says Ripple executive
![Ripple stablecoin unlikely to invite legal trouble from SEC, says Ripple executive](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/Ripple_Watch_XtraSmall.jpg)
Ripple, the native token of the XRP Ledger slipped under $0.60, a key psychological support for the altcoin. The two key market movers are the Securities & Exchange Commission’s lawsuit against Ripple and the upcoming stablecoin RealUSD (RLUSD).
Binance burns over $950 million in BNB, will price cross $700?
![Binance burns over $950 million in BNB, will price cross $700?](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/BinanceCoin/binance_coin_logo_XtraSmall.jpg)
Binance Coin price is nearly unchanged in the past month. Data from TradingView shows BNB price is $585 at the time of writing. On-chain metrics support a thesis of gains in BNB, as social dominance and volume climbs this week.
Dogecoin price sets for a rally following retest of support level
![Dogecoin price sets for a rally following retest of support level](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Dogecoin/SHIB_DOGE_Coins_31_XtraSmall.jpg)
Dogecoin price faces rejection at the 50% Fibonacci retracement. On-chain data shows that DOGE's development activity is growing, suggesting a bullish move ahead. A daily candlestick close below $0.1018 would invalidate the bullish move.
Mt.Gox transfers $2.85 billion in Bitcoin, what to expect from BRC-20, cat-themed meme coins
![Mt.Gox transfers $2.85 billion in Bitcoin, what to expect from BRC-20, cat-themed meme coins](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_3_XtraSmall.jpg)
Bitcoin worth $2.85 billion was transferred by Mt.Gox, crypto traders anticipate heightened selling pressure on BTC. Bitcoin-related assets like BRC-20 tokens and cat-themed meme coins typically rally or suffer correction in price alongside BTC.
Bitcoin: Will BTC continue its bullish momentum?
![Bitcoin: Will BTC continue its bullish momentum?](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Bitcoin/bitcoin_XtraSmall.jpg)
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.