Cardano (ADA) Price Analysis: Back To Key Breakdown Support

Cardano price is struggling below $0.46 against the US Dollar, similar to bitcoin. ADA price could gain bearish momentum if it clears the $0.435 support.

Cardano Price Analysis

This past week, cardano price started an upside correction above the $0.450 level against the US Dollar. The ADA/USD pair was able to clear the $0.460 and $0.462 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $0.529 swing high to $0.435 low. The price gained strength above the $0.475 level and the 55 simple moving average (4-hours). However, it faced a strong rejection near the $0.490 zone.

It got rejected near the 61.8% Fib retracement level of the downward move from the $0.529 swing high to $0.435 low. As a result, there was a fresh decline below the $0.465 level.

There was a break below a major contracting triangle with support near $0.460 on the 4-hours chart. ADA is now trading below $0.450 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $0.435 level.

The next major support is near the $0.421 level, below which the price may perhaps decline towards the $0.40 support level. Any more losses might call for a test of the $0.365 level.

On the upside, an immediate resistance is near the $0.450 zone. The next major resistance is near the $0.460 level. The main hurdle is near $0.482. A clear upside break above the $0.482 level might send the price towards the $0.525 resistance.  Any more gains could start a steady increase towards the $0.60 level in the near term.

Cardano Price

The chart indicates that ADA price is now trading below $0.465 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to stay above the $0.435 support 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 – $0.435 and $0.421.

Key Resistance Levels – $0.450 and $0.460.

Source: Read Full Article

click fraud detection