Logo
Cardano Ecosystem

BitcoinEthereumNews

06/14/2022

·

332 views


Cardano (ADA) Price Analysis: Bulls Protecting Key Support

The post Cardano (ADA) Price Analysis: Bulls Protecting Key Support appeared on BitcoinEthereumNews.com. ADA price extended its decline below the $0.50 support zone against the US Dollar. The price is now trading below $0.50 and the 55 simple moving...

Cardano (ADA) Price Analysis: Bulls Protecting Key Support
  • ADA price extended its decline below the $0.50 support zone against the US Dollar.
  • The price is now trading below $0.50 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $0.580 on the 4-hours chart (data feed via Bitfinex).
  • The price could start a recovery wave if it stays above the $0.435 support zone.

Cardano price is struggling below $0.55 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears $0.50 and $0.52.

Cardano Price Analysis

This week, cardano price saw a major decline from the $0.68 resistance zone against the US Dollar. The ADA/USD pair gained pace below the $0.60 level to move into a bearish zone.

The price settled below $0.55 and the 55 simple moving average (4-hours). Besides, there was a break below a major bullish trend line with support near $0.580 on the 4-hours chart. The price even traded below the $0.500 support zone.

A low is formed near $0.437 and the price is now consolidating losses. On the upside, an immediate resistance is near the $0.50 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.669 swing high to $0.437 low.

The next major resistance is near the $0.550 level. It is close to the 50% Fib retracement level of the downward move from the $0.669 swing high to $0.437 low. A clear upside break above the $0.55 level might send the price towards the $0.60 resistance.

Any more gains could start a steady increase towards the $0.70 level in the near term. On the downside, an immediate support is near the $0.450 level.

The next major support is near the $0.435 level. If there are additional losses, the price may perhaps decline towards the $0.40 support level. A break below $0.40 could push the price towards the $0.38 level.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.50 and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if it stays above the $0.435 support 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 – $0.435 and $0.400.

Key Resistance Levels – $0.500 and $0.550.

Tags: ADA, Cardano

Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-bulls-protecting-key-support/

Post navigation

AD

World’s First Multi-Token ISPO — By Genius X - Starts on 12th of September, epoch 363!

Genius X, a revolutionary launchpad and business accelerator helping Web3 startups attain speed, scale, and edge, is thrilled to announce the world’s first Multi-Token ISPO.I WANT TO KNOW MORE!


Read Original Article on BitcoinEthereumNews

ORIGINAL SOURCE

https://bitcoinethereumnews.com/technolo...

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.


More from BitcoinEthereumNews

See more
Model For Maintaining The Peg of Cardano Stablecoin DJED Released
BitcoinEthereumNews
Model For Maintaining The Peg of Cardano Stablecoin DJED Released

last Thursday at 5:06 PM

·

188 views

Related News

See more
WingRiders Governance Token

Featured News

See more

Featured ISPOs

Genius X
GENSX ISPOACTIVE

250M $GENSX · Ends in 09/12/2022


Featured Projects

Ada Handle
Ada Handle

NFT

Featured

Featured Events

Cardano Summit 2022
Cardano Summit 2022

11/20/2022 - 11/22/2022 · Lausanne, Switzerland


    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)
Bringing Fixed Assets (CNFT & CNT) Lending & Borrowing to CardanoWorld’s First Multi-Token ISPO — By Genius X