- ADA price is trading in a bearish zone below the $0.40 support zone against the US Dollar.
- The price is now trading above $0.38 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.3750 on the 4-hours chart (data feed via Kraken).
- The price could continue to move down if it stays below the $0.3750 resistance zone.
Cardano price is struggling below $0.38 against the US Dollar, similar to bitcoin. ADA price could start a recovery wave if it clears the $0.375 and $0.380 resistance levels.
Cardano Price Analysis
Earlier this month, cardano price saw a fresh decline below the $0.388 zone against the US Dollar. The ADA/USD pair declined below the $0.380 and $0.375 support levels.
The price even declined below the $0.365 support and the 55 simple moving average (4-hour). A low was formed near $0.3454 and the price is now consolidating losses. The price is now trading below $0.38 and the 55 simple moving average (4-hours).
On the upside, an immediate resistance is near the $0.362 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.4136 swing high to $0.3454 low.
The first major resistance is near the $0.370 level. There is also a major bearish trend line forming with resistance near $0.3750 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the downward move from the $0.4136 swing high to $0.3454 low.
The next major resistance could be near the $0.380 zone. A clear upside break above the $0.38 level might send the price towards the $0.400 resistance. Any more gains could start a steady increase towards the $0.420 level.
On the downside, an immediate support is near the $0.350 level. The next major support is near the $0.342 level, below which the price may perhaps decline towards the $0.320 support level. Any more losses might call for a test of the $0.300 level.
The chart indicates that ADA price is now trading above $0.380 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $0.380 resistance zone.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now gaining pace in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $0.350 and $0.342.
Key Resistance Levels – $0.370 and $0.375.
