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HomeAltcoin NewsCardano (ADA) Price Analysis: Bears Take Control Below $0.40

Cardano (ADA) Price Analysis: Bears Take Control Below $0.40

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  • ADA price is trading in a bearish zone below the $0.42 support zone against the US Dollar.
  • The price is now trading below $0.40 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.3850 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to move down if it stays below the $0.40 resistance zone.

Cardano price is struggling below $0.40 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.385 and $0.400 resistance levels.

Cardano Price Analysis

In the past few days, Cardano price saw a fresh decline from the $0.465 zone against the US Dollar. The ADA/USD pair declined below the $0.425 and $0.420 support levels.

The price even declined below the $0.400 support and the 55 simple moving average (4 hours). It revisited the $0.3750 support zone. A low is formed near $0.3763 and the price is consolidating losses. It is now trading below $0.40 and the 55 simple moving average (4 hours).

Besides, there is a key bearish trend line forming with resistance near $0.3850 on the 4-hour chart. On the upside, immediate resistance is near the $0.3850 zone. The first major resistance is near the $0.400 level or the 23.6% Fib retracement level of the downward move from the $0.4625 swing high to the $0.3763 low.

A clear upside break above the $0.400 level might send the price toward the $0.415 resistance. Any more gains could start a steady increase toward the $0.420 level or the 50% Fib retracement level of the downward move from the $0.4625 swing high to the $0.3763 low.

On the downside, immediate support is near the $0.375 level. The next major support is near the $0.365 level, below which the price may perhaps decline toward the $0.350 support level. Any more losses might call for a test of the $0.320 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 stays below the $0.40 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 – $0.375 and $0.350.

Key Resistance Levels – $0.385 and $0.400.

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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