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HomeAltcoin NewsCardano (ADA) Price Analysis: Bears In Control, Upsides Could Be Limited

Cardano (ADA) Price Analysis: Bears In Control, Upsides Could Be Limited

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  • ADA price is showing bearish signs below the $0.30 support zone against the US Dollar.
  • The price is now trading below $0.30 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.295 on the 4-hours chart (data feed via Kraken).
  • 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 must stay above the $0.250 support to avoid more downsides.

Cardano Price Analysis

This past week, cardano price saw a fresh decline from the $0.320 zone against the US Dollar. The ADA/USD pair declined below the $0.305 and $0.300 support levels.

The price even declined below the $0.280 support and the 55 simple moving average (4-hour). A low was formed near $0.2491 and the price is now consolidating losses. On the upside, an immediate resistance is near the $0.260 zone.

The first major resistance is near the $0.268 level. It is near the 23.6% Fib retracement level of the downward move from the $0.3290 swing high to $0.2491 low.

The next major resistance could be near the $0.2900 zone and the 55 simple moving average (4-hours). It is near the 50% Fib retracement level of the downward move from the $0.3290 swing high to $0.2491 low. There is also a key bearish trend line forming with resistance near $0.295 on the 4-hours chart.

A clear upside break above the $0.295 level might send the price towards the $0.320 resistance. Any more gains could start a steady increase towards the $0.350 level.

On the downside, an immediate support is near the $0.250 level. The next major support is near the $0.235 level, below which the price may perhaps decline towards the $0.212 support level. Any more losses might call for a test of the $0.20 level.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.300 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 – $0.250 and $0.212.

Key Resistance Levels – $0.268 and $0.295.

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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