Logo
Cardano Ecosystem

Live BTC News

07/25/2023

·

174 views


Cardano (ADA) Price Analysis: Risk of More Downsides Below $0.30 | Live Bitcoin News

ADA price is gaining bearish momentum below the $0.325 support zone against the US Dollar. The price is now trading below $0.320 and the 55 simple moving average (4 hours). There is a key contracting triangle...

Cardano (ADA) Price Analysis: Risk of More Downsides Below $0.30 | Live Bitcoin News
  • ADA price is gaining bearish momentum below the $0.325 support zone against the US Dollar.
  • The price is now trading below $0.320 and the 55 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $0.3110 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to move down if it stays below the $0.325 resistance zone.

Cardano price is struggling below $0.320 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.320 and $0.325 resistance levels.

This past week, Cardano price saw a rejection pattern near the $0.332 zone against the US Dollar. The ADA/USD pair declined below the $0.325 and $0.320 support levels.

The price even declined below the $0.305 support and the 55 simple moving average (4 hours). It revisited the $0.300 support zone. A low is formed near $0.300 and the price is consolidating losses. It is now trading below $0.320 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.308 zone or the 23.6% Fib retracement level of the downward move from the $0.3326 swing high to the $0.300 low.

The first major resistance is near the $0.315 level. It is close to the 50% Fib retracement level of the downward move from the $0.3326 swing high to the $0.300 low. There is also a key contracting triangle forming with resistance near $0.3110 on the 4-hour chart.

A clear upside break above the $0.315 level might send Cardano price toward the $0.332 resistance. Any more gains could start a steady increase toward the $0.350 level or even $0.400.

On the downside, immediate support is near the $0.300 level. The next major support is near the $0.288 level, below which the price may perhaps decline toward the $0.275 support level. Any more losses might call for a test of the $0.250 level.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.315 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.320 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 – $0.300 and $0.288.

Key Resistance Levels – $0.315 and $0.325.

AD

Delegate Your Voting Power to FEED DRep in Cardano Governance.

DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!


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.


An image that says Learn Blockchain technology and get ahead in the industry with a link to the Cardano Academy.

More from Live BTC News

See more
Top 5 Crypto Gainers Shaping the Market Last Week | Live Bitcoin News
Live BTC News
Top 5 Crypto Gainers Shaping the Market Last Week | Live Bitcoin News

11/11/2024

·

84 views

Related News

See more

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)