- ADA price is showing bearish signs below the $0.412 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 major bearish trend line forming with resistance near $0.3980 on the 4-hour chart (data feed via Coinbase).
- The price could continue to move down if it stays below the $0.412 resistance zone.
Cardano price is struggling below $0.412 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.398 and $0.412 resistance levels.
Cardano Price Analysis
In the past few days, Cardano price saw a fresh decline from the $0.415 zone against the US Dollar. The ADA/USD pair declined below the $0.405 and $0.400 support levels.
The price even declined below the $0.385 support and the 55 simple moving average (4 hours). It revisited the $0.3800 support zone. A low is formed near $0.3803 and the price is consolidating losses. It is now trading below $0.40 and the 55 simple moving average (4 hours).
Besides, there is a key bearish trend line forming with resistance near $0.3980 on the 4-hour chart. On the upside, immediate resistance is near the $0.3880 zone or the 23.6% Fib retracement level of the recent decline from the $0.4152 swing high to the $0.3803 low.
The first major resistance is near the $0.400 level or the trend line. It is close to the 50% Fib retracement level of the recent decline from the $0.4152 swing high to the $0.3803 low.
A clear upside break above the $0.400 level might send the price toward the $0.412 resistance. Any more gains could start a steady increase toward the $0.425 level. On the downside, immediate support is near the $0.380 level.
The next major support is near the $0.376 level, below which the price may perhaps decline toward the $0.350 support level. Any more losses might call for a test of the $0.320 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 stays below the $0.412 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 – $0.380 and $0.350.
Key Resistance Levels – $0.398 and $0.412.
Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-upsides-capped-near-0-40/