ADA price started a fresh decline from the .60 resistance against the US Dollar. The price is now trading below .40 and the 55 simple moving average (4-hours). There is a major bullish trend line forming with support near .312 on the 4-hours chart (data feed via Bitfinex). The price might start a fresh increase if it manages to stay above the .30 support zone. Cardano price is struggling below the .32 resistance against the US Dollar, unlike bitcoin. ADA price must clear .35 to start a fresh increase. Cardano Price Analysis This week, cardano price saw a fresh decline from the .40 zone against the US Dollar. The ADA/USD pair traded below the .35 support level to enter a bearish zone. The bears gained strength for a move below the .32 level and the 55
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- ADA price started a fresh decline from the $1.60 resistance against the US Dollar.
- The price is now trading below $1.40 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $1.312 on the 4-hours chart (data feed via Bitfinex).
- The price might start a fresh increase if it manages to stay above the $1.30 support zone.
Cardano price is struggling below the $1.32 resistance against the US Dollar, unlike bitcoin. ADA price must clear $1.35 to start a fresh increase.
Cardano Price Analysis
This week, cardano price saw a fresh decline from the $1.40 zone against the US Dollar. The ADA/USD pair traded below the $1.35 support level to enter a bearish zone.
The bears gained strength for a move below the $1.32 level and the 55 simple moving average (4-hours). A low was formed near $1.287, and the price is now correcting losses. There was a move above the $1.30 resistance zone.
The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $1.593 swing high to $1.280 low. It is now facing resistance near the $1.35 level.
The next key resistance is near the $1.400 level. The 50% Fib retracement level of the downward move from the $1.593 swing high to $1.280 low is also near the $1.437. A clear break above the $1.400 resistance could pump the price towards the $1.45 level. Any more gains could push the price towards the $1.50 level.
On the downside, an immediate support is near the $1.312 level. There is also a major bullish trend line forming with support near $1.312 on the 4-hours chart.
The first major support is near $1.30. Any more losses might lead the price towards the $1.28 level, below which the bears could gain strength in the near term. In the stated case, the price could revisit $1.22.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $1.32 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if it manages to stay above the $1.30 support zone.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is still moving in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $1.312 and $1.300.
Key Resistance Levels – $1.350 and $1.400.