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HomeAltcoin NewsCardano (ADA) Price Analysis: Uphill Task Near $0.465

Cardano (ADA) Price Analysis: Uphill Task Near $0.465

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  • ADA price failed to surpass the $0.500 resistance and declined against the US Dollar.
  • The price is now trading below $0.500 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $0.460 on the 4-hours chart (data feed via Bitfinex).
  • The price could continue to move down if it fails to stay above the $0.425 support zone.

Cardano price is struggling below $0.50 against the US Dollar, similar to bitcoin. ADA price could gain bearish momentum if it clears the $0.425 support.

Cardano Price Analysis

This past week, cardano price faced a strong rejection near the $0.500 zone against the US Dollar. The ADA/USD pair formed a high near $0.485 and started a fresh decline.

There was a clear move below the $0.475 and $0.450 support levels. Besides, there was a break below a key bullish trend line with support near $0.460 on the 4-hours chart. The price even declined below the $0.440 support and the 55 simple moving average (4-hours).

A low was formed near $0.425 and the price is now consolidating losses. It corrected a few points above the $0.440 level. On the upside, an immediate resistance is near the $0.455 zone and the 55 simple moving average (4-hours).

The next major resistance is near the $0.465 level. It is near the 23.6% Fib retracement level of the downward move from the $0.594 swing high to $0.425 low.

The main hurdle is near $0.500. A clear upside break above the $0.500 level might send the price towards the $0.515 resistance. It is near the 50% Fib retracement level of the downward move from the $0.594 swing high to $0.425 low.

Any more gains could start a steady increase towards the $0.55 level in the near term. On the downside, an immediate support is near the $0.432 level. The next major support is near the $0.425 level, below which the price may perhaps decline towards the $0.40 support level. Any more losses might call for a test of the $0.365 level.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.50 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to stay above the $0.425 support 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 above the 50 level.

Key Support Levels – $0.432 and $0.425.

Key Resistance Levels – $0.465 and $0.500.

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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