HomeAltcoin NewsCardano (ADA) Price Analysis: Bears Active Below $0.28

Cardano (ADA) Price Analysis: Bears Active Below $0.28

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  • ADA price is trading in a bearish zone below the $0.280 support zone against the US Dollar.
  • The price is now trading below $0.270 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.270 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to move down if it stays below the $0.278 resistance zone.

Cardano price is struggling below $0.278 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.270 and $0.278 resistance levels.

Cardano Price Analysis

Earlier this month, Cardano price extended its decline below the $0.280 support against the US Dollar. The ADA/USD pair declined below the $0.278 and $0.270 support levels.

The price even declined below the $0.257 support and the 55 simple moving average (4 hours). It revisited the $0.2520 support zone. A low is formed near $0.2520 and the price is now attempting a recovery wave. There was a minor increase above the 23.6% Fib retracement level of the main decline from the $0.3024 swing high to the $0.2520 low.

It is now trading below $0.270 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.270 zone. There is also a key bearish trend line forming with resistance near $0.270 on the 4-hour chart.

The first major resistance is near the $0.278 level. It is close to the 50% Fib retracement level of the main decline from the $0.3024 swing high to the $0.2520 low.

The next key resistance could be $0.288. A clear upside break above the $0.288 level might send the price toward the $0.300 resistance. Any more gains could start a steady increase toward the $0.325 level or even $0.332.

On the downside, immediate support is near the $0.2575 level. The next major support is near the $0.252 level, below which the price may perhaps decline toward the $0.232 support level. Any more losses might call for a test of the $0.220 level.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.270 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.278 resistance zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now losing pace in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now above the 50 level.

Key Support Levels – $0.2575 and $0.2520.

Key Resistance Levels – $0.2700 and $0.278.

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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