ADA price gained bearish momentum below the %excerpt%.35 support zone against the US Dollar. The price is now trading below %excerpt%.350 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near %excerpt%.312 on the 4-hours chart (data feed via Bitfinex). The price could continue to move down if it fails to clear the %excerpt%.320 resistance zone. Cardano price is struggling below %excerpt%.35 against the US Dollar, similar to bitcoin. ADA price could gain bearish momentum if it clears the %excerpt%.300 support. Cardano Price Analysis This past week, cardano price faced a strong rejection near the %excerpt%.330 zone against the US Dollar. The ADA/USD pair formed a high near %excerpt%.332 and started a fresh decline. There was a clear move below the %excerpt%.320 and %excerpt%.312 support
Topics:
Aayush Jindal considers the following as important: ADA, Altcoin News, Cardano, News, Trading
This could be interesting, too:
Bitcoin Schweiz News writes Diese 3 Bitcoin-Börsen sind für Anfänger besonders geeignet
Chayanika Deka writes Optimism for Republican Win Drives .2 Billion in Weekly Inflows into BTC, ETH Products
Chayanika Deka writes Bitcoin Leads Investor Activity with 9M in Outflows; But Multi-Asset Products Shine
Temitope Olatunji writes X Empire Unveils ‘Chill Phase’ Update: Community to Benefit from Expanded Tokenomics
- ADA price gained bearish momentum below the $0.35 support zone against the US Dollar.
- The price is now trading below $0.350 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.312 on the 4-hours chart (data feed via Bitfinex).
- The price could continue to move down if it fails to clear the $0.320 resistance zone.
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.