Cardano (ADA) Price Analysis: Bears Take Control Below $0.40
Cardano price is struggling below $0.40 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.385 and $0.400 resistance levels.
Cardano Price Analysis
In the past few days, Cardano price saw a fresh decline from the $0.465 zone against the US Dollar. The ADA/USD pair declined below the $0.425 and $0.420 support levels.
The price even declined below the $0.400 support and the 55 simple moving average (4 hours). It revisited the $0.3750 support zone. A low is formed near $0.3763 and the price is consolidating losses. It is now trading below $0.40 and the 55 simple moving average (4 hours).
Besides, there is a key bearish trend line forming with resistance near $0.3850 on the 4-hour chart. On the upside, immediate resistance is near the $0.3850 zone. The first major resistance is near the $0.400 level or the 23.6% Fib retracement level of the downward move from the $0.4625 swing high to the $0.3763 low.
A clear upside break above the $0.400 level might send the price toward the $0.415 resistance. Any more gains could start a steady increase toward the $0.420 level or the 50% Fib retracement level of the downward move from the $0.4625 swing high to the $0.3763 low.
On the downside, immediate support is near the $0.375 level. The next major support is near the $0.365 level, below which the price may perhaps decline toward the $0.350 support level. Any more losses might call for a test of the $0.320 level.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $0.40 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.40 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 – $0.375 and $0.350.
Key Resistance Levels – $0.385 and $0.400.
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