Cardano (ADA) Price Analysis: Key Support Sits At $0.5

ADA price started a steady decline from the $0.70 resistance against the US Dollar.
The price is now trading below $0.60 and the 55 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $0.55 on the 4-hours chart (data feed via Bitfinex).
The price could continue to move down if it fails to recover above the $0.55 resistance zone.

Cardano price is recovering above $0.50 against the US Dollar, similar to bitcoin. ADA price could start a steady increase if it clears $0. 55 and $0.60.

Cardano Price Analysis

This week, cardano price saw a fresh decline from the $0.70 resistance zone against the US Dollar. The ADA/USD pair traded below the $0.65 and $0.55 support levels to move into a bearish zone.

The price settled below $0.55 and the 55 simple moving average (4-hours). It even spiked below the $0.500 level and traded as low as 0.4028. The price is now correcting losses and trading above the $0.500 level. There was a move above the 23.6% Fib retracement level of the key decline from the $0.905 swing high to $0.402 low.

Besides, there was a break above a major bearish trend line with resistance near $0.55 on the 4-hours chart. On the upside, an immediate resistance is near the $0.50 level and the 55 simple moving average (4-hours).

The first major resistance is near the $0.600 level. A clear upside break above the $0.60 level might send the price towards the $0.65 resistance. It is near the 50% Fib retracement level of the key decline from the $0.905 swing high to $0.402 low.

The next key resistance might be near the $0.732 level. Any more gains could start a steady increase towards the $0.78 level in the near term. On the downside, an immediate support is near the $0.505 level.

The next major support is near the $0.50 level. If there are additional losses, the price may perhaps decline towards the $0.45 support level. A break below $0.45 could push the price towards the $0.40 level.

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.60 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to recover above the $0.55 resistance zone.