Cardano (ADA) Price Analysis: Risk of Bearish Thrust Below $0.35

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ADA price is gaining bearish momentum below the $0.388 support zone against the US Dollar.
The price is now trading below $0.380 and the 55 simple moving average (4 hours).
There is a short-term rising channel forming with resistance near $0.376 on the 4-hour chart (data feed via Coinbase).
The price could continue to move down if it stays below the $0.38 resistance zone.

Cardano price is struggling below $0.388 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.380 and $0.388 resistance levels.

Cardano Price Analysis

This past week, Cardano price saw a rejection pattern near the $0.398 zone against the US Dollar. The ADA/USD pair declined below the $0.388 and $0.380 support levels.

The price even declined below the $0.355 support and the 55 simple moving average (4 hours). It revisited the $0.350 support zone. A low is formed near $0.3500 and the price is consolidating losses. It is now trading below $0.380 and the 55 simple moving average (4 hours).

Besides, there is a short-term rising channel forming with resistance near $0.376 on the 4-hour chart. On the upside, immediate resistance is near the $0.374 zone or the 50% Fib retracement level of the downward move from the $0.3966 swing high to the $0.3500 low.

The first major resistance is near the $0.380 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.3966 swing high to the $0.3500 low.

A clear upside break above the $0.380 level might send the price toward the $0.388 resistance. Any more gains could start a steady increase toward the $0.400 level or even $0.425. On the downside, immediate support is near the $0.360 level.

The next major support is near the $0.350 level, below which the price may perhaps decline toward the $0.332 support level. Any more losses might call for a test of the $0.320 level.

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.380 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.380 resistance zone.