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12/21/2022

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Cardano (ADA) Price Prediction: Downtrend Far From Over, $0.22 Still In Play | Crypto Breaking News

Cardano’s price started a fresh decline after it failed to surpass $0.32. ADA remains at a risk of more losses below $0.25 and $0.245 in the near term. ADA price is gaining bearish momentum below the $0.280...

Cardano (ADA) Price Prediction: Downtrend Far From Over, $0.22 Still In Play | Crypto Breaking News

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Cardano’s price started a fresh decline after it failed to surpass $0.32. ADA remains at a risk of more losses below $0.25 and $0.245 in the near term.

  • ADA price is gaining bearish momentum below the $0.280 support against the US dollar.
  • The price is trading below $0.280 and the 100 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.2560 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
  • The pair could continue to move down below the $0.245 support zone.

Cardano (ADA) Price Could Dive Further

In the past few days, cardano’s price saw a steady decline from the $0.320 resistance zone. The bears were able to push the price below the $0.30 and $0.280 support levels.

The decline gained pace below the $0.265 level and the 100 simple moving average (4-hours). ADA price even spiked below the $0.250 support zone and traded as low as $0.2481. It is now showing a lot of bearish signs near the $0.250 zone, unlike bitcoin and ethereum.

It is trading well below $0.280 and the 100 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.255 zone. There is also a key bearish trend line forming with resistance near $0.2560 on the 4-hours chart of the ADA/USD pair.

The first major resistance is forming near the $0.264 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.3188 swing high to $0.2481 low.


Cardano (ADA) Price

Source: ADAUSD on TradingView.com

The main resistance is now forming near the $0.2840 level. It coincides with the 50% Fib retracement level of the downward move from the $0.3188 swing high to $0.2481 low. If there is an upside break above the $0.280 and $0.284 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily towards the $0.32 level.

More Losses?

If cardano’s price fails to recover above the $0.255 and $0.264 resistance levels, it could continue to move down. An immediate support on the downside is near the $0.248 level.

The next major support is near the $0.245 level. A downside break below the $0.245 level could open the doors for a fresh decline towards $0.220 in the coming days. The next major support is near the $0.200 level.

Technical Indicators

4-hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.245, $0.220 and $0.200.

Major Resistance Levels – $0.255, $0.264 and $0.284.

Source: NewsBTC.com

coinmag

Cryptocurrency news, blockchain news, markets news, cryptocurrency analysis, cryptocurrencies prices.

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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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