Cardano (ADA) Price Analysis: Bears In Control, Upsides Could Be Limited
Cardano price is struggling below $0.300 against the US Dollar, similar to bitcoin. ADA price must stay above the $0.250 support to avoid more downsides.
Cardano Price Analysis
This past week, cardano price saw a fresh decline from the $0.320 zone against the US Dollar. The ADA/USD pair declined below the $0.305 and $0.300 support levels.
The price even declined below the $0.280 support and the 55 simple moving average (4-hour). A low was formed near $0.2491 and the price is now consolidating losses. On the upside, an immediate resistance is near the $0.260 zone.
The first major resistance is near the $0.268 level. It is near the 23.6% Fib retracement level of the downward move from the $0.3290 swing high to $0.2491 low.
The next major resistance could be near the $0.2900 zone and the 55 simple moving average (4-hours). It is near the 50% Fib retracement level of the downward move from the $0.3290 swing high to $0.2491 low. There is also a key bearish trend line forming with resistance near $0.295 on the 4-hours chart.
A clear upside break above the $0.295 level might send the price towards the $0.320 resistance. Any more gains could start a steady increase towards the $0.350 level.
On the downside, an immediate support is near the $0.250 level. The next major support is near the $0.235 level, below which the price may perhaps decline towards the $0.212 support level. Any more losses might call for a test of the $0.20 level.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $0.300 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $0.300 resistance zone.
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 – $0.250 and $0.212.
Key Resistance Levels – $0.268 and $0.295.
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