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HomeAltcoin NewsCardano (ADA) Price Analysis: Key Resistance Intact Near $0.32

Cardano (ADA) Price Analysis: Key Resistance Intact Near $0.32

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  • ADA price is signaling a bearish bias below the $0.35 support zone against the US Dollar.
  • The price is now trading below $0.320 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.314 on the 4-hours chart (data feed via Bitfinex).
  • The price could continue to move down if it fails to surpass the $0.320 resistance zone.

Cardano price is struggling below $0.32 against the US Dollar, similar to bitcoin. ADA price must stay above the $0.300 support to avoid more downsides.

Cardano Price Analysis

This past week, cardano price saw a fresh decline from the $0.335 zone against the US Dollar. The ADA/USD pair declined below the $0.320 and $0.312 support levels.

The price even declined below the $0.300 support and the 55 simple moving average (4-hour). A low was formed near $0.2950 and the price is now correcting higher. There was a minor increase above the $0.300 resistance zone.

On the upside, an immediate resistance is near the $0.312 zone and the 55 simple moving average (4-hours). It is near the 23.6% Fib retracement level of the downward move from the $0.3795 swing high to $0.295 low. There is also a major bearish trend line forming with resistance near $0.314 on the 4-hours chart.

The first major resistance is near the $0.320 level, above which the price might recover. The next major resistance is near the $0.335 zone. It is near the 50% Fib retracement level of the downward move from the $0.3795 swing high to $0.295 low.

A clear upside break above the $0.338 level might send the price towards the $0.350 resistance. Any more gains could start a steady increase towards the $0.380 level. On the downside, an immediate support is near the $0.300 level.

The next major support is near the $0.295 level, below which the price may perhaps decline towards the $0.265 support level. Any more losses might call for a test of the $0.252 level.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.32 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to surpass the $0.320 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 – $0.300 and $0.295.

Key Resistance Levels – $0.320 and $0.335.

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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