ADA Faces Hurdles And Could Extend Loses Further: Price Analysis

ADA faces hurdles near the $1.200 resistance zones and it could extend the losses further while remaining at risk of more losses below $1.020 support levels in the near-term so let’s read more in our latest Cardano news.

ADA is struggling to recovery but it is Still well above the $1.000 level against the US dollar with the price facing hurdles near the $1.200 and the 100 simple moving average and the bearish trend line forming near the $1.150 on the 4-hour charts of the pair with chances of dropping unless there’s a clear break above the $1.150 in the near-term. after the strong rally, ADA’s price struggled to extend its gains above the $1.487 with the price starting a new downside correction and traded below the key support near the $1.200 level.

The price traded below the $1.100 support and settled below the 100 simple moving average with the new low forming near the $1036 and the price correcting higher. There was another break above the $1.100 and the $1.200 resistance levels. There was a new break above the 23.6% fib retracement level from the downward movement of $1487 high to the $1.036 low with the price spiking above the $1.150 resistance.

However, there wasn’t any upside break above this resistance, and a new major bearish trend line formed near the resistance of $1.150 on the 4-hour charts of the pair. The pair is trading below the 50% fib retracement level from the downward movement of $1.487 high to the $1.036 low. On the downside, at the $1.050 level there’s decent support with the main one forming near the $0.1035 level and a new downside break below this opening more doors for a move towards $1.000 in the near-term.

If ADA’s price stays above the $1.050 support, it could make an attempt of clearing the trend lien resistance of $.1150 so if the bulls succeed, the price will rally to $1.200 and $1.220 levels. In this case, the price will climb above the $1.250 level so more gains will lead the price to $1.450 level while the 4-hour MACD for the pair struggling to gain momentum in the bullish zone. The 4-hour RSI for the pair is below the 50 level.

As reported recently, The pair reached a week-to-date low of $1.02 about 31 percent lower than the record high that was established at the end of February.