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05/09/2023

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Cardano (ADA) Price Analysis: Bears In Control Below $0.4 | Live Bitcoin News

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000 Sign up ADA price is showing bearish signs below the $0.40 support zone against the US Dollar. The price is now trading...

Cardano (ADA) Price Analysis: Bears In Control Below $0.4 | Live Bitcoin News

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  • ADA price is showing bearish signs below the $0.40 support zone against the US Dollar.
  • The price is now trading below $0.40 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.375 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to move down if it stays below the $0.38 resistance zone.

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 $0.375 and $0.38 resistance levels.

Cardano Price Analysis

In the past few days, Cardano price saw a fresh decline from the $0.400 zone against the US Dollar. The ADA/USD pair declined below the $0.380 and $0.375 support levels.

The price even declined below the $0.365 support and the 55 simple moving average (4 hours). It revisited the $0.355 support zone. A low is formed near $0.3539 and the price is consolidating losses. It is now trading below $0.38 and the 55 simple moving average (4 hours).

Besides, there is a key bearish trend line forming with resistance near $0.375 on the 4-hour chart. On the upside, immediate resistance is near the $0.375 zone, the trend line, and the 50% Fib retracement level of the recent drop from the $0.3971 swing high to the $0.3539 low.

The first major resistance is near the $0.380 level. It is close to the 61.8% Fib retracement level of the recent drop from the $0.3971 swing high to the $0.3539 low.

A clear upside break above the $0.380 level might send the price toward the $0.40 resistance. Any more gains could start a steady increase toward the $0.425 level. On the downside, immediate support is near the $0.355 level.

The next major support is near the $0.332 level, below which the price may perhaps decline toward the $0.320 support level. Any more losses might call for a test of the $0.300 level.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.380 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.380 resistance 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 – $0.355 and $0.335.

Key Resistance Levels – $0.375 and $0.380.

Tags: ADA, Cardano

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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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