ADA price failed to surpass the $0.420 resistance and declined against the US Dollar.
The price is now trading below $0.400 and the 55 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $0.392 on the 4-hours chart (data feed via Bitfinex).
The price could continue to move down if it fails to stay above the $0.350 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 $0.350 support.
Cardano Price Analysis
This past week, cardano price faced a strong rejection near the $0.440 zone against the US Dollar. The ADA/USD pair formed a high near $0.440 and started a fresh decline.
There was a clear move below the $0.400 and $0.380 support levels. The price even declined below the $0.350 support and the 55 simple moving average (4-hour). A low was formed near $0.349 and the price is now consolidating losses.
It corrected a few points above the $0.360 level. It corrected above the 23.6% Fib retracement level of the downward move from the $0.437 swing high to $0.349 low.
On the upside, an immediate resistance is near the $0.375 zone. The first major resistance is near the $0.392 level. There is also a major bearish trend line forming with resistance near $0.392 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the downward move from the $0.437 swing high to $0.349 low.
The next major resistance is near the $0.400 zone. A clear upside break above the $0.400 level might send the price towards the $0.405 resistance. Any more gains could start a steady increase towards the $0.50 level in the near term.
On the downside, an immediate support is near the $0.355 level. The next major support is near the $0.350 level, below which the price may perhaps decline towards the $0.32 support level. Any more losses might call for a test of the $0.300 level.
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 $0.350 support zone.
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.
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