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- ADA price is showing bearish signs below the $0.40 support zone against the US Dollar.
- The price is now trading below $0.40 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.375 on the 4-hour chart (data feed via Coinbase).
- The price could continue to move down if it stays below the $0.38 resistance zone.
Cardano price is struggling below $0.40 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.375 and $0.38 resistance levels.
Cardano Price Analysis
In the past few days, Cardano price saw a fresh decline from the $0.400 zone against the US Dollar. The ADA/USD pair declined below the $0.380 and $0.375 support levels.
The price even declined below the $0.365 support and the 55 simple moving average (4 hours). It revisited the $0.355 support zone. A low is formed near $0.3539 and the price is consolidating losses. It is now trading below $0.38 and the 55 simple moving average (4 hours).
Besides, there is a key bearish trend line forming with resistance near $0.375 on the 4-hour chart. On the upside, immediate resistance is near the $0.375 zone, the trend line, and the 50% Fib retracement level of the recent drop from the $0.3971 swing high to the $0.3539 low.
The first major resistance is near the $0.380 level. It is close to the 61.8% Fib retracement level of the recent drop from the $0.3971 swing high to the $0.3539 low.
A clear upside break above the $0.380 level might send the price toward the $0.40 resistance. Any more gains could start a steady increase toward the $0.425 level. On the downside, immediate support is near the $0.355 level.
The next major support is near the $0.332 level, below which the price may perhaps decline toward the $0.320 support level. Any more losses might call for a test of the $0.300 level.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $0.380 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.380 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 – $0.355 and $0.335.
Key Resistance Levels – $0.375 and $0.380.
Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-bears-in-control-below-0-4/