Cardano (ADA) Price Analysis: Bears Active Below $0.50
Cardano price is struggling below $0.48 against the US Dollar, similar to bitcoin. ADA price could gain bearish momentum if it clears the $0.432 support.
Cardano Price Analysis
This past week, cardano price faced a strong rejection near the $0.520 zone against the US Dollar. The ADA/USD pair formed a high near $0.520 and started a fresh decline.
There was a clear move below the $0.500 and $0.480 support levels. The price even declined below the $0.450 support and the 55 simple moving average (4-hours). A low was formed near $0.433 and the price is now consolidating losses.
It corrected a few points above the $0.442 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.490 swing high to $0.433 low. On the upside, an immediate resistance is near the $0.462 zone and the 55 simple moving average (4-hours).
There is also a key bearish trend line forming with resistance near $0.462 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the downward move from the $0.490 swing high to $0.433 low.
The next major resistance is near the $0.475 level. The main hurdle is near $0.500. A clear upside break above the $0.500 level might send the price towards the $0.520 resistance. 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 $0.440 level. The next major support is near the $0.432 level, below which the price may perhaps decline towards the $0.40 support level. Any more losses might call for a test of the $0.355 level.
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 $0.432 support zone.
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 – $0.432 and $0.400.
Key Resistance Levels – $0.462 and $0.500.
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