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05/11/2023

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ADA Price (Cardano) Plunge To $0.32 On The Horizon As Bulls Show Weak Hands | Crypto Breaking News

Cardano’s price started a fresh decline from the $0.40 resistance. ADA could decline further if there is a clear move below the $0.35 support. ADA price is showing bearish signs and trading above $0.35...

ADA Price (Cardano) Plunge To $0.32 On The Horizon As Bulls Show Weak Hands | Crypto Breaking News

Cardano’s price started a fresh decline from the $0.40 resistance. ADA could decline further if there is a clear move below the $0.35 support.

  • ADA price is showing bearish signs and trading above $0.35 against the US dollar.
  • The price is trading below $0.388 and the 100 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $0.380 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
  • The pair could start a decent increase if it clears the $0.380 resistance zone.

Cardano’s ADA Price Extends Decline

This past week, Cardano’s price made a couple of attempts to clear the $0.400 resistance. However, the bulls failed and the price reacted to the downside below the $0.388 support.

The price declined below the $0.380 and $0.365 support levels. Finally, it tested the $0.355 support. A low is formed near $0.3534 and the price is now attempting a minor upside correction, similar to Bitcoin and Ethereum.

ADA is still trading below $0.388 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.380 on the 4-hour chart of the ADA/USD pair. On the upside, immediate resistance is near the $0.375 zone or the 50% Fib retracement level of the recent drop from the $0.3978 swing high to the 0.3534 low.

The next major resistance is forming near the $0.380 zone or the trend line. It is close to the 61.8% Fib retracement level of the recent drop from the $0.3978 swing high to the 0.3534 low.

ADA Price (Cardano)

Source: ADAUSD on TradingView.com

If there is an upside break above the $0.375 and $0.380 resistance levels, the price could start a decent increase. In the stated case, the price could even surpass the $0.388 resistance zone. The next key resistance might be $0.400, above which it could test $0.42.

More Losses?

If Cardano’s price fails to climb above the $0.375 and $0.380 resistance levels, it could continue to move down. Immediate support on the downside is near the $0.355 level.

The next major support is near the $0.350 level. A downside break below the $0.350 level could open the doors for a fresh decline toward $0.320. The next major support is near the $0.312 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is losing 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 – $0.355, $0.350, and $0.320.

Major Resistance Levels – $0.375, $0.380, and $0.400.

Source: NewsBTC.com

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ORIGINAL SOURCE

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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