- 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.
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.
