Cardano (ADA) Price Dips To Support

Cardano price is trading in a correction after testing the $0.8650 zone. The ADA price is now trying to find support above the $0.750 level.

If the price manages to stay above the 0.740 zone, it could continue to rise. The bulls might aim for a move towards the 0.680 level, but the bears could return.

Cardano Price Dips To Support

Recently, we highlighted that Cardano saw a fresh increase above the 0.750 level as Bitcoin and Ethereum also began to rise. The ADA price was able to clear the 0.7750 and 0.80 resistance levels.

It tested the 0.8650 zone. A high was formed at 0.8634 and the price recently corrected some gains. There was a move below the 0.80 level. Besides, there was a break below a connecting bullish trend line with support at 0.820 on the hourly chart of the ADA/USD pair.

The pair tested the 0.7750 zone. A low was formed at 0.7742 and the price is now consolidating below the 23.6% Fib retracement level of the recent decline from the 0.8634 swing high to the 0.7742 low.

Cardano price is now trading below 0.80 and the 100-hourly simple moving average. On the upside, the price might face resistance near the 0.80 zone. The first resistance is near the 0.8180 level. The next key resistance might be 0.8450.

If there is a close above the 0.8450 resistance, the price could start a strong rally. In the stated case, the price could rise towards the 0.880 region. Any more gains might call for a move towards 0.90 in the near term.

More Losses In ADA?

If Cardano’s price fails to climb above the 0.80 resistance level, it could start another decline. Immediate support on the downside is at the 0.7750 level.

The next major support is at the 0.740 level. A downside break below the 0.740 level could open the doors for a test of 0.7050. The next major support is at the 0.680 level where the bulls might emerge.

In other news, the Union Bank of Switzerland (UBS) has reportedly completed its takeover of Credit Suisse.