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HomeAltcoin NewsCardano (ADA) Price Analysis: Bears In Active Below $0.30

Cardano (ADA) Price Analysis: Bears In Active Below $0.30

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  • ADA price is gaining bearish momentum below the $0.312 support zone against the US Dollar.
  • The price is now trading below $0.305 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.2920 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to move down if it stays below the $0.300 resistance zone.

Cardano price is struggling below $0.300 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.300 and $0.305 resistance levels.

Cardano Price Analysis

This past week, Cardano price saw a rejection pattern near the $0.302 zone against the US Dollar. The ADA/USD pair declined below the $0.300 and $0.292 support levels.

The price even declined below the $0.288 support and the 55 simple moving average (4 hours). It revisited the $0.2865 support zone. A low is formed near $0.2867 and the price is consolidating losses. It is now trading below $0.305 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.290 zone or the 23.6% Fib retracement level of the downward move from the $0.3025 swing high to the $0.2865 low.

The first major resistance is near the $0.292 level. There is also a key bearish trend line forming with resistance near $0.2920 on the 4-hour chart. The next key resistance could be $0.295 or the 50% Fib retracement level of the downward move from the $0.3025 swing high to the $0.2865 low.

A clear upside break above the $0.295 level might send the price toward the $0.300 resistance. Any more gains could start a steady increase toward the $0.315 level or even $0.320.

On the downside, immediate support is near the $0.2865 level. The next major support is near the $0.282 level, below which the price may perhaps decline toward the $0.265 support level. Any more losses might call for a test of the $0.250 level.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.305 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.300 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 – $0.2865 and $0.2820.

Key Resistance Levels – $0.2920 and $0.300.

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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