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HomeAltcoin NewsCardano (ADA) Price Analysis: Support Turned Resistance At $0.255

Cardano (ADA) Price Analysis: Support Turned Resistance At $0.255

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  • ADA price is trading in a bearish zone below the $0.255 support zone against the US Dollar.
  • The price is now trading below $0.250 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.2485 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to move down if it stays below the $0.255 resistance zone.

Cardano price is struggling below $0.255 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.250 and $0.255 resistance levels.

Cardano Price Analysis

In the past few days, Cardano price extended its decline below the $0.255 support against the US Dollar. The ADA/USD pair declined below the $0.250 and $0.242 support levels.

The price even declined below the $0.240 support and the 55 simple moving average (4 hours). It revisited the $0.236 support zone. A low has formed near $0.2368 and the price is now correcting losses. There was a minor increase above the 23.6% Fib retracement level of the downward move from the $0.2608 swing high to the $0.2368 low.

On the upside, immediate resistance is near the $0.248 zone. There is also a key bearish trend line forming with resistance near $0.2485 on the 4-hour chart.

The trend line is near the 50% Fib retracement level of the downward move from the $0.2608 swing high to the $0.2368 low. The first major resistance is near the $0.252 level or the 55 simple moving average (4 hours). The next key resistance could be $0.255.

A clear upside break above the $0.255 level might send the price toward the $0.270 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 $0.240 level. The next major support is near the $0.236 level, below which the price may perhaps decline toward the $0.220 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 $0.250 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.255 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 – $0.2400 and $0.2360.

Key Resistance Levels – $0.2520 and $0.2550.

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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