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01/23/2024

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Cardano (ADA) Price Analysis: Bears In Control Below $0.50 | Live Bitcoin News

ADA price is trading in a bearish zone below the $0.520 support zone against the US Dollar. The price is now trading below $0.515 and the 55 simple moving average (4 hours). There is a connecting bearish...

Cardano (ADA) Price Analysis: Bears In Control Below $0.50 | Live Bitcoin News
  • ADA price is trading in a bearish zone below the $0.520 support zone against the US Dollar.
  • The price is now trading below $0.515 and the 55 simple moving average (4 hours).
  • There is a connecting bearish trend line forming with resistance near $0.4980 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to move down if it stays below the $0.500 resistance zone.

Cardano price is struggling below $0.520 against the US Dollar, like Bitcoin. ADA price could start a fresh increase if it clears the $0.500 and $0.520 resistance levels.

In the past few days, Cardano price started a fresh decline from the $0.550 resistance against the US Dollar. The ADA/USD pair declined below the $0.532 and $0.520 support levels.

The price even declined below the $0.500 support and the 55 simple moving average (4 hours). It revisited the $0.4750 support zone. A low has formed near $0.4743 and the price is now consolidating losses. There was a minor increase toward the 23.6% Fib retracement level of the recent decline from the $0.5200 swing high to the $0.4743 low.

On the upside, immediate resistance is near the $0.4950 zone. There is also a connecting bearish trend line forming with resistance near $0.4980 on the 4-hour chart.

The first major resistance is near the $0.500 level or the 50% Fib retracement level of the recent decline from the $0.5200 swing high to the $0.4743 low. The next key resistance could be $0.5200 the 55 simple moving average (4 hours)

A clear upside break above the $0.520 level might send the price toward the $0.532 resistance. Any more gains could start a steady increase toward the $0.550 level or even $0.656.

On the downside, immediate support is near the $0.475 level. The next major support is near the $0.450 level, below which the price may perhaps decline toward the $0.420 support level. Any more losses might call for a test of the $0.400 level.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.500 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.520 resistance zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now losing pace in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now below the 50 level.

Key Support Levels – $0.4750 and $0.4500.

Key Resistance Levels – $0.5000 and $0.5200.

AD

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