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10/04/2023

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ADA Price Is Showing Early Signs of Fresh Drop, But 100 SMA Is The Key

Cardano’s price started a fresh decline below $0.264. ADA is struggling and might accelerate lower if there is a close below the $0.250 support. ADA price is gaining bearish momentum below the $0.265 level...

ADA Price Is Showing Early Signs of Fresh Drop, But 100 SMA Is The Key

Cardano’s price started a fresh decline below $0.264. ADA is struggling and might accelerate lower if there is a close below the $0.250 support.

  • ADA price is gaining bearish momentum below the $0.265 level against the US dollar.
  • The price is trading above $0.250 and the 100 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support near $0.258 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
  • The pair must stay above the $0.250 support to start a fresh increase in the near term.

Cardano Price Trims Gains

In the past few days, Cardano’s price climbed higher above the $0.255 level. The price was able to clear the $0.265 resistance, but the upsides were limited. The price traded as high as $0.2741 and recently corrected lower, like Bitcoin and Ethereum.

There was a drop below the $0.265 support level. Besides, there was a break below a key bullish trend line with support near $0.258 on the 4-hour chart of the ADA/USD pair.

Cardano is now testing the 61.8% Fib retracement level of the upward move from the $0.2426 swing low to the $0.2741 high. However, ADA is still above $0.250 and the 100 simple moving average (4 hours).

ADA Price Cardano

Source: ADAUSD on TradingView.com

On the upside, immediate resistance is near the $0.258 zone. The first major resistance is forming near the $0.265 zone. The next key resistance might be $0.274. If there is a close above the $0.274 resistance, the price could start a decent increase. In the stated case, the price could rise toward the $0.300 resistance zone.

More Losses in ADA?

If Cardano’s price fails to climb above the $0.265 resistance level, it could continue to move down. Immediate support on the downside is near the $0.250 level.

The next major support is near the $0.242 level. A downside break below the $0.242 level could open the doors for a sharp fresh decline toward $0.220. The next major support is near the $0.200 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.250, $0.242, and $0.220.

Major Resistance Levels – $0.265, $0.274, and $0.300.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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ORIGINAL SOURCE

https://www.newsbtc.com/analysis/ada/ada...

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