Cardano (ADA) Price Analysis: Uphill Task Near $0.465
Cardano price is struggling below $0.50 against the US Dollar, similar to bitcoin. ADA price could gain bearish momentum if it clears the $0.425 support.
Cardano Price Analysis
This past week, cardano price faced a strong rejection near the $0.500 zone against the US Dollar. The ADA/USD pair formed a high near $0.485 and started a fresh decline.
There was a clear move below the $0.475 and $0.450 support levels. Besides, there was a break below a key bullish trend line with support near $0.460 on the 4-hours chart. The price even declined below the $0.440 support and the 55 simple moving average (4-hours).
A low was formed near $0.425 and the price is now consolidating losses. It corrected a few points above the $0.440 level. On the upside, an immediate resistance is near the $0.455 zone and the 55 simple moving average (4-hours).
The next major resistance is near the $0.465 level. It is near the 23.6% Fib retracement level of the downward move from the $0.594 swing high to $0.425 low.
The main hurdle is near $0.500. A clear upside break above the $0.500 level might send the price towards the $0.515 resistance. It is near the 50% Fib retracement level of the downward move from the $0.594 swing high to $0.425 low.
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 $0.432 level. The next major support is near the $0.425 level, below which the price may perhaps decline towards the $0.40 support level. Any more losses might call for a test of the $0.365 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 $0.425 support 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 above the 50 level.
Key Support Levels – $0.432 and $0.425.
Key Resistance Levels – $0.465 and $0.500.
Source: Read Full Article
