Logo
Cardano Ecosystem

Live BTC News

04/02/2024

·

13 views


Cardano (ADA) Price Analysis: Risk of Downside Break Below $0.58 | Live Bitcoin News

ADA price started a downside correction from the $0.6840 zone against the US Dollar. The price is now trading below $0.650 and the 55 simple moving average (4 hours). There was a break below a major bullish...

Cardano (ADA) Price Analysis: Risk of Downside Break Below $0.58 | Live Bitcoin News
  • ADA price started a downside correction from the $0.6840 zone against the US Dollar.
  • The price is now trading below $0.650 and the 55 simple moving average (4 hours).
  • There was a break below a major bullish trend line with support near $0.6480 on the 4-hour chart (data feed via Coinbase).
  • The price could start a fresh increase if it clears the $0.6260 and $0.650 resistance levels.

Cardano’s price is struggling below $0.650 against the US Dollar, like Bitcoin. ADA price could resume its rally if there is a clear move above the $0.650 resistance.

In the past few days, Cardano’s price started a steady increase above the $0.620 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.650 and $0.6650 levels.

The price tested the $0.6840 zone. The recent high was formed near $0.6839 and the price corrected lower. There was a move below the $0.650 support zone. The price dipped below the 50% Fib retracement level of the upward move from the $0.5690 swing low to the $0.6839 high.

There was a break below a major bullish trend line with support near $0.6480 on the 4-hour chart. ADA price is now trading below $0.650 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.6260 zone. The next major resistance is near the $0.650 zone. A clear move above the $0.650 resistance might start a strong increase toward $0.6840. Any more gains above the $0.6840 resistance might send the price toward the $0.720 resistance or even $0.750.

On the downside, immediate support is near the $0.5950 level or the 76.4% Fib retracement level of the upward move from the $0.5690 swing low to the $0.6839 high. The next major support is near the $0.580 level.

A clear move below the $0.580 level might send the price toward the $0.5650 level. Any more losses might send the price toward the $0.5250 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.650 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.6260 and $0.650 resistance levels.

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 – $0.580 and $0.5650.

Key Resistance Levels – $0.6260 and $0.650.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Live BTC News

ORIGINAL SOURCE

https://www.livebitcoinnews.com/cardano-...

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.


Genius Yields DEX Launched!

More from Live BTC News

See more
Cardano (ADA) Price Analysis: Fresh Surge Likely If Bulls Clear $0.69 | Live Bitcoin News
Live BTC News
Cardano (ADA) Price Analysis: Fresh Surge Likely If Bulls Clear $0.69 | Live Bitcoin News

03/26/2024

·

21 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)