Cardano (ADA) Price Prediction: Bears Target Fresh Lows Below $0.28
Cardano’s price started a fresh decline after it failed to surpass $0.33. ADA remains at a risk of more losses below $0.30 and $0.28 in the near term. ADA price is showing a lot of bearish signs below the...
Cardano’s price started a fresh decline after it failed to surpass $0.33. ADA remains at a risk of more losses below $0.30 and $0.28 in the near term.
- ADA price is showing a lot of bearish signs below the $0.320 support against the US dollar.
- The price is trading below $0.320 and the 100 simple moving average (4-hours).
- There was a break below a key rising channel with support near $0.320 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
- The pair could continue to move down below the $0.300 support zone.
Cardano (ADA) Price Signals More Losses
In the past few days, cardano’s price saw a steady decline from well above the $0.3250 level. The bears were able to push the price below the $0.320 and $0.315 support levels.
The decline gained pace below the $0.314 level and the 100 simple moving average (4-hours). There was a move below the 50% Fib retracement level of the upward move from the $0.2997 swing low to $0.329 high. Besides, there was a break below a key rising channel with support near $0.320 on the 4-hours chart of the ADA/USD pair.
The pair is now trading below $0.320 and the 100 simple moving average (4-hours), similar to bitcoin and ethereum. On the upside, an immediate resistance is near the $0.312 zone.
Source: ADAUSD on TradingView.com
The first major resistance is forming near the $0.320 zone. The main resistance is now forming near the $0.3320 level. If there is an upside break above the $0.332 and $0.335 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily towards the $0.40 level.
More Losses?
If cardano’s price fails to recover above the $0.320 and $0.332 resistance levels, it could continue to move down. An immediate support on the downside is near the $0.300 level.
The main support is near the $0.290 level. A downside break below the $0.290 level could open the doors for a fresh decline towards $0.265 in the coming days. The next major support is near the $0.250 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 – $0.300, $0.290 and $0.265.
Major Resistance Levels – $0.3200, $0.332 and $0.400.
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
Proposals Catalyst F14 - Cast your vote, search "Otavio" in the Voting App.
If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Tip: To find them its easiest to search for "Otavio"Vote for Us
