Cardano (ADA) Price Analysis: Bears In Action Below $0.35
Cardano price is struggling below $0.355 against the US Dollar, similar to bitcoin. ADA price could start a recovery wave if it clears the $0.340 and $0.355 resistance levels.
Cardano Price Analysis
In the past few days, cardano price saw a fresh decline below the $0.380 zone against the US Dollar. The ADA/USD pair declined below the $0.355 and $0.350 support levels.
The price even declined below the $0.340 support and the 55 simple moving average (4-hour). A low was formed near $0.3210 and the price is now consolidating losses. The price is now trading below $0.355 and the 55 simple moving average (4-hours).
On the upside, an immediate resistance is near the $0.345 zone. It is near the 50% Fib retracement level of the downward move from the $0.3699 swing high to $0.3210 low.
The first major resistance is near the $0.350 level and the 55 simple moving average (4-hours). There are two bearish trend lines forming with resistance near $0.3400 and $0.3580 on the 4-hours chart. The trend line is near the 61.8% Fib retracement level of the downward move from the $0.3699 swing high to $0.3210 low.
A clear upside break above the $0.3580 level might send the price towards the $0.378 resistance. Any more gains could start a steady increase towards the $0.400 level.
On the downside, an immediate support is near the $0.328 level. The next major support is near the $0.320 level, below which the price may perhaps decline towards the $0.300 support level. Any more losses might call for a test of the $0.280 level.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $0.355 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $0.355 resistance 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 – $0.320 and $0.300.
Key Resistance Levels – $0.345 and $0.358.
Source: Read Full Article