HomeAltcoin NewsCardano (ADA) Price Analysis: Bears In Control Below $0.35

Cardano (ADA) Price Analysis: Bears In Control Below $0.35

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  • ADA price failed to surpass the $0.400 resistance and declined against the US Dollar.
  • The price is now trading below $0.400 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $0.320 on the 4-hours chart (data feed via Bitfinex).
  • The price could continue to move down if it fails to stay above the $0.315 support zone.

Cardano price is struggling below $0.40 against the US Dollar, similar to bitcoin. ADA price could gain bearish momentum if it clears the $0.315 support.

Cardano Price Analysis

This past week, cardano price faced a strong rejection near the $0.380 zone against the US Dollar. The ADA/USD pair formed a high near $0.388 and started a fresh decline.

There was a clear move below the $0.365 and $0.350 support levels. The price even declined below the $0.320 support and the 55 simple moving average (4-hour). A low was formed near $0.3102 and the price is now correcting higher.

There was a minor increase above the $0.320 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $0.320 on the 4-hours chart.

On the upside, an immediate resistance is near the $0.340 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.438 swing high to $0.3102 low. The first major resistance is near the $0.350 level, above which the price might recover.

The next major resistance is near the $0.365 zone or the 55 simple moving average (4-hour). A clear upside break above the $0.365 level might send the price towards the $0.375 resistance. Any more gains could start a steady increase towards the $0.388 level or the 61.8% Fib retracement level of the downward move from the $0.438 swing high to $0.3102 low in the near term.

On the downside, an immediate support is near the $0.320 level. The next major support is near the $0.310 level, below which the price may perhaps decline towards the $0.30 support level. Any more losses might call for a test of the $0.280 level.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.40 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to stay above the $0.315 support 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 below the 50 level.

Key Support Levels – $0.320 and $0.310.

Key Resistance Levels – $0.350 and $0.388.

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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