Cardano (ADA) Price Analysis: Risk of More Downsides Below $0.30

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.

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.