There was a nasty downtrend initiated in ADA price from well above the $0.6000 level against the US Dollar. The price faced a lot of sellers and it recently moved below the $0.5000 and $0.4000 support levels. The most important move was a break of the $0.4600 support area. It has opened the doors for more declines and the price is now trading well below the $0.4000 level.
The recent low was $0.3602 and the pair is currently poised for further declines. An initial resistance on the upside is around the 23.6% Fib retracement level of the last drop from the $0.5200 high to $0.3602 low. There is also a declining channel forming with current resistance at $0.3950 on the hourly chart of ADA/USD. However, the most important resistance is around the $0.4400 level. It is the 50% Fib retracement level of the last drop from the $0.5200 high to $0.3602 low. Above $0.4400, the previous support at $0.4600 may now act as a crucial barrier for more gains.
Source :https://www.newsbtc.com/2018/02/02/cardano-price-technical-analysis-ada-usd-decline/
