Cardano (ADA) Price Analysis: Risk of More Downsides Below $0.35
Cardano price is struggling below $0.356 against the US Dollar, similar to bitcoin. ADA price could start a fresh increase if it clears the $0.356 and $0.370 resistance levels.
Cardano Price Analysis
In the past few days, cardano price saw a fresh decline from the $0.388 zone against the US Dollar. The ADA/USD pair declined below the $0.375 and $0.365 support levels.
The price even declined below the $0.356 support and the 55 simple moving average (4-hour). The bears were able to push the price below the 50% Fib retracement level of the upward move from the $0.3100 swing low to $0.3872 high.
Besides, there was a break below a key bullish trend lien with support at $0.3480 on the 4-hours chart. The pair is now trading below $0.356 and the 55 simple moving average (4-hours).
On the upside, an immediate resistance is near the $0.3485 zone. The first major resistance is near the $0.356 level and the 55 simple moving average (4-hours). A clear upside break above the $0.356 level might send the price towards the $0.375 resistance. Any more gains could start a steady increase towards the $0.400 level.
On the downside, an immediate support is near the $0.338 level. It is near the 61.8% Fib retracement level of the upward move from the $0.3100 swing low to $0.3872 high.
The next major support is near the $0.322 level, below which the price may perhaps decline towards the $0.300 support level. Any more losses might call for a test of the $0.284 level.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $0.356 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $0.356 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 – $0.320 and $0.300.
Key Resistance Levels – $0.356 and $0.388.
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