Cardano (ADA) Price Analysis: Bears In Control Below $0.35
Cardano price is struggling below $0.40 against the US Dollar, similar to bitcoin. ADA price could gain bearish momentum if it clears the $0.315 support.
Cardano Price Analysis
This past week, cardano price faced a strong rejection near the $0.380 zone against the US Dollar. The ADA/USD pair formed a high near $0.388 and started a fresh decline.
There was a clear move below the $0.365 and $0.350 support levels. The price even declined below the $0.320 support and the 55 simple moving average (4-hour). A low was formed near $0.3102 and the price is now correcting higher.
There was a minor increase above the $0.320 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $0.320 on the 4-hours chart.
On the upside, an immediate resistance is near the $0.340 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.438 swing high to $0.3102 low. The first major resistance is near the $0.350 level, above which the price might recover.
The next major resistance is near the $0.365 zone or the 55 simple moving average (4-hour). A clear upside break above the $0.365 level might send the price towards the $0.375 resistance. Any more gains could start a steady increase towards the $0.388 level or the 61.8% Fib retracement level of the downward move from the $0.438 swing high to $0.3102 low in the near term.
On the downside, an immediate support is near the $0.320 level. The next major support is near the $0.310 level, below which the price may perhaps decline towards the $0.30 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 $0.40 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to stay above the $0.315 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 – $0.320 and $0.310.
Key Resistance Levels – $0.350 and $0.388.
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