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11/08/2022

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Cardano (ADA) Price Analysis: Key Downside Break Below $0.40

ADA price failed to surpass the $0.440 resistance and declined against the US Dollar. The price is now trading below $0.420 and the 55 simple moving average (4-hours). There was a break below a major bullish trend line with...

Cardano (ADA) Price Analysis: Key Downside Break Below $0.40
  • ADA price failed to surpass the $0.440 resistance and declined against the US Dollar.
  • The price is now trading below $0.420 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $0.402 on the 4-hours chart (data feed via Bitfinex).
  • The price could continue to move down if it fails to stay above the $0.380 support zone.

Cardano price is struggling below $0.42 against the US Dollar, similar to bitcoin. ADA price could gain bearish momentum if it clears the $0.380 support.

Cardano Price Analysis

This past week, cardano price faced a strong rejection near the $0.440 zone against the US Dollar. The ADA/USD pair formed a high near $0.438 and started a fresh decline.

There was a clear move below the $0.420 and $0.405 support levels. Besides, there was a break below a major bullish trend line with support near $0.402 on the 4-hours chart. The bears pushed the price below the 50% Fib retracement level of the upward move from the $0.380 swing low to $0.438 high.

The price even declined below the $0.400 support and the 55 simple moving average (4-hour). It is now trading near the 76.4% Fib retracement level of the upward move from the $0.380 swing low to $0.438 high.

On the downside, an immediate support is near the $0.385 level. The next major support is near the $0.380 level, below which the price may perhaps decline towards the $0.35 support level. Any more losses might call for a test of the $0.320 level.

On the upside, an immediate resistance is near the $0.402 zone. The first major resistance is near the $0.420 level. The next major resistance is near the $0.440 zone. A clear upside break above the $0.440 level might send the price towards the $0.465 resistance. Any more gains could start a steady increase towards the $0.48 level in the near term.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.42 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to stay above the $0.380 support 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 – $0.380 and $0.350.

Key Resistance Levels – $0.420 and $0.440.

Tags: ADA, Cardano

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