HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Struggle To Protect $0.25

Cardano (ADA) Price Analysis: Bulls Struggle To Protect $0.25

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  • ADA price is trading in a bearish zone below the $0.265 support zone against the US Dollar.
  • The price is now trading below $0.260 and the 55 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $0.258 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to move down if it stays below the $0.265 resistance zone.

Cardano price is struggling below $0.265 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.260 and $0.265 resistance levels.

Cardano Price Analysis

In the past few days, Cardano price extended its decline below the $0.265 support against the US Dollar. The ADA/USD pair declined below the $0.260 and $0.255 support levels.

The price even declined below the $0.252 support and the 55 simple moving average (4 hours). It revisited the $0.250 support zone. A low is formed near $0.2500 and the price is now consolidating losses. It seems like there is a key contracting triangle forming with resistance near $0.258 on the 4-hour chart.

On the upside, immediate resistance is near the $0.258 zone or the 23.6% Fib retracement level of the downward move from the $0.2799 swing high to the $0.2500 low.

The first major resistance is near the $0.260 level or the 55 simple moving average (4 hours). The next key resistance could be $0.265. It is close to the 50% Fib retracement level of the downward move from the $0.2799 swing high to the $0.2500 low.

A clear upside break above the $0.265 level might send the price toward the $0.280 resistance. Any more gains could start a steady increase toward the $0.295 level or even $0.300.

On the downside, immediate support is near the $0.252 level. The next major support is near the $0.250 level, below which the price may perhaps decline toward the $0.232 support level. Any more losses might call for a test of the $0.220 level.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.260 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.265 resistance 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 – $0.2520 and $0.2500.

Key Resistance Levels – $0.2600 and $0.2650.

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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