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09/05/2023

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Cardano (ADA) Price Analysis: Bulls Struggle To Protect $0.25 | Live Bitcoin News

ADA price is trading in a bearish zone below the $0.265 support zone against the US Dollar. The price is now trading below $0.260 and the 55 simple moving average (4 hours). There is a key contracting...

Cardano (ADA) Price Analysis: Bulls Struggle To Protect $0.25 | Live Bitcoin News
  • ADA price is trading in a bearish zone below the $0.265 support zone against the US Dollar.
  • The price is now trading below $0.260 and the 55 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $0.258 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to move down if it stays below the $0.265 resistance zone.

Cardano price is struggling below $0.265 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.260 and $0.265 resistance levels.

In the past few days, Cardano price extended its decline below the $0.265 support against the US Dollar. The ADA/USD pair declined below the $0.260 and $0.255 support levels.

The price even declined below the $0.252 support and the 55 simple moving average (4 hours). It revisited the $0.250 support zone. A low is formed near $0.2500 and the price is now consolidating losses. It seems like there is a key contracting triangle forming with resistance near $0.258 on the 4-hour chart.

On the upside, immediate resistance is near the $0.258 zone or the 23.6% Fib retracement level of the downward move from the $0.2799 swing high to the $0.2500 low.

The first major resistance is near the $0.260 level or the 55 simple moving average (4 hours). The next key resistance could be $0.265. It is close to the 50% Fib retracement level of the downward move from the $0.2799 swing high to the $0.2500 low.

A clear upside break above the $0.265 level might send the price toward the $0.280 resistance. Any more gains could start a steady increase toward the $0.295 level or even $0.300.

On the downside, immediate support is near the $0.252 level. The next major support is near the $0.250 level, below which the price may perhaps decline toward the $0.232 support level. Any more losses might call for a test of the $0.220 level.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.260 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.265 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 – $0.2520 and $0.2500.

Key Resistance Levels – $0.2600 and $0.2650.

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