Cardano (ADA) Price Analysis: Risk of More Losses Below $0.3
Cardano price is struggling below $0.35 against the US Dollar, similar to bitcoin. ADA price could gain bearish momentum if it clears the $0.300 support.
Cardano Price Analysis
This past week, cardano price faced a strong rejection near the $0.330 zone against the US Dollar. The ADA/USD pair formed a high near $0.332 and started a fresh decline.
There was a clear move below the $0.320 and $0.312 support levels. The price even declined below the $0.300 support and the 55 simple moving average (4-hour). A low was formed near $0.2952 and the price is now correcting higher.
There was a minor increase above the $0.300 resistance zone. On the upside, an immediate resistance is near the $0.315 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.395 swing high to $0.295 low.
There is also a key bearish trend line forming with resistance near $0.312 on the 4-hours chart. The first major resistance is near the $0.320 level or the 55 simple moving average (4-hour), above which the price might recover.
The next major resistance is near the $0.338 zone. It is near the 50% Fib retracement level of the downward move from the $0.395 swing high to $0.295 low. A clear upside break above the $0.338 level might send the price towards the $0.350 resistance.
Any more gains could start a steady increase towards the $0.380 level. On the downside, an immediate support is near the $0.300 level.
The next major support is near the $0.288 level, below which the price may perhaps decline towards the $0.265 support level. Any more losses might call for a test of the $0.250 level.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $0.35 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to clear the $0.320 resistance zone.
Technical Indicators
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 – $0.300 and $0.288.
Key Resistance Levels – $0.320 and $0.338.
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