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HomeAltcoin NewsCardano (ADA) Price Analysis: Upsides Capped Near $0.40

Cardano (ADA) Price Analysis: Upsides Capped Near $0.40

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  • ADA price is showing bearish signs below the $0.412 support zone against the US Dollar.
  • The price is now trading below $0.40 and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $0.3980 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to move down if it stays below the $0.412 resistance zone.

Cardano price is struggling below $0.412 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.398 and $0.412 resistance levels.

Cardano Price Analysis

In the past few days, Cardano price saw a fresh decline from the $0.415 zone against the US Dollar. The ADA/USD pair declined below the $0.405 and $0.400 support levels.

The price even declined below the $0.385 support and the 55 simple moving average (4 hours). It revisited the $0.3800 support zone. A low is formed near $0.3803 and the price is consolidating losses. It is now trading below $0.40 and the 55 simple moving average (4 hours).

Besides, there is a key bearish trend line forming with resistance near $0.3980 on the 4-hour chart. On the upside, immediate resistance is near the $0.3880 zone or the 23.6% Fib retracement level of the recent decline from the $0.4152 swing high to the $0.3803 low.

The first major resistance is near the $0.400 level or the trend line. It is close to the 50% Fib retracement level of the recent decline from the $0.4152 swing high to the $0.3803 low.

A clear upside break above the $0.400 level might send the price toward the $0.412 resistance. Any more gains could start a steady increase toward the $0.425 level. On the downside, immediate support is near the $0.380 level.

The next major support is near the $0.376 level, below which the price may perhaps decline toward the $0.350 support level. Any more losses might call for a test of the $0.320 level.

Cardano (ADA) Price
Cardano (ADA) Price

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 stays below the $0.412 resistance zone.

Technical Indicators

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.

Key Support Levels – $0.380 and $0.350.

Key Resistance Levels – $0.398 and $0.412.

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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