ADA price started consolidating losses above the %excerpt%.0350 support area against the US Dollar.The price is facing a strong resistance near the %excerpt%.0400 and %excerpt%.0420 levels.There is a key bearish trend line forming with resistance near %excerpt%.0420 on the 4-hours chart (data feed via Kraken).The price could either start a decent recovery above %excerpt%.0420 or it might decline further below %excerpt%.0350.Cardano price is struggling to recover against the US Dollar and bitcoin. ADA price could start a decent recovery if it breaks %excerpt%.0400 and %excerpt%.0420.Cardano Price AnalysisThis past week, there was a downside extension below %excerpt%.0450 in cardano price against the US Dollar. The ADA/USD pair even broke the %excerpt%.0400 support and settled well below the 55 simple moving average (4-hours). Finally, the price declined below
Topics:
Aayush Jindal considers the following as important: ADA, Altcoin News, Cardano, News, Trading
This could be interesting, too:
Wayne Jones writes Argentina’s Mining Sector Pioneers Lithium Tokenization by Tapping Cardano
Bilal Hassan writes Morocco to Become First Developing Country with Clear Crypto Regulations
Bilal Hassan writes Cryptopia Liquidators Distribute 0 Million to Victims of 2019 Hack
Bilal Hassan writes Mo Shaikh Steps Down as CEO of Aptos Labs to Start New Chapter
- ADA price started consolidating losses above the $0.0350 support area against the US Dollar.
- The price is facing a strong resistance near the $0.0400 and $0.0420 levels.
- There is a key bearish trend line forming with resistance near $0.0420 on the 4-hours chart (data feed via Kraken).
- The price could either start a decent recovery above $0.0420 or it might decline further below $0.0350.
Cardano price is struggling to recover against the US Dollar and bitcoin. ADA price could start a decent recovery if it breaks $0.0400 and $0.0420.
Cardano Price Analysis
This past week, there was a downside extension below $0.0450 in cardano price against the US Dollar. The ADA/USD pair even broke the $0.0400 support and settled well below the 55 simple moving average (4-hours). Finally, the price declined below the $0.0380 level and traded to a new monthly low at $0.0350. Recently, the price started trading in a range above $0.0350 and consolidated losses.
On the upside, the price seems to be facing a strong resistance near $0.0398 and $0.0400. Furthermore, the 23.6% Fibonacci retracement level of the last key drop from the $0.0556 high to $0.0350 low is also near the $0.0398 level. Besides, the 55 simple moving average (4-hours) is now positioned near the $0.0395 level to stop the upward move.
There is also a key bearish trend line forming with resistance near $0.0420 on the 4-hours chart. Therefore, there are many hurdles forming near the $0.0400 and $0.0420 levels. A clear break above the trend line might push the price towards the $0.0450 resistance area. It coincides with the 50% Fibonacci retracement level of the last key drop from the $0.0556 high to $0.0350 low. Any further gains could face resistance near the $0.0500 area.
On the downside, an immediate support is near the $0.0360 level. The main support is near the $0.0350 level, below which the price could resume its decline. In the mentioned bearish case, the price is likely to test the $0.0320 support level in the near term.
The chart indicates that ADA price is consolidating in a range above the $0.0350 support area. On the upside, it is facing key hurdles near the $0.0400 and $0.0420 levels. If the price struggles to clear the $0.0400 and $0.0420 resistance levels, there is a risk of more downsides below the $0.0360 and $0.0350 support levels. Conversely, it could head towards $0.0500 if there is a clear break above $0.0420.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is losing momentum in the bearish zone.
4 hours RSI – The RSI for ADA/USD is currently moving higher and is likely to break the 50 level.
Key Support Levels – $0.0360 and $0.0350.
Key Resistance Levels – $0.0400 and $0.0420.