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05/16/2023

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Cardano (ADA) Price Analysis: Risk of Bearish Thrust Below $0.35 | Live Bitcoin News

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000 Sign up ADA price is gaining bearish momentum below the $0.388 support zone against the US Dollar. The price is now...

Cardano (ADA) Price Analysis: Risk of Bearish Thrust Below $0.35 | Live Bitcoin News

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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

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.

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 – $0.360 and $0.350.

Key Resistance Levels – $0.380 and $0.388.

Tags: ADA, Cardano

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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.


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